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Standalone net sales (including other operating income) of Hitech Corporation for the quarter ended Sep 2024 has increased 2.10% to Rs 146.51 crore. Operating profit margin has declined from 12.31% to 11.54%, leading to 4.30% decline in operating profit to Rs 16.91 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 60.86% to 61.16%. Employee cost increased from 7.15% to 7.32%. Other expenses rose from 19.73% to 20.06%. Other income up 350% to Rs 0.36 crore. PBIDT fell 2.70% to Rs 17.27 crore. Provision for interest up 13.57% to Rs 4.1 crore. PBDT fell 6.86% to Rs 13.17 crore. Provision for depreciation rose 25.90% to Rs 9.09 crore. Profit before tax down 41.04% to Rs 4.08 crore. Provision for tax was expense of Rs 1.16 crore, compared to Rs 1.77 crore. Effective tax rate was 28.43% compared to 25.58%. Profit after tax fell 43.30% to Rs 2.92 crore. For year-to-date (YTD) results analysis
Net sales (including other operating income) of Hitech Corporation has declined 1.61% to Rs 289.13 crore. Operating profit margin has declined from 13.02% to 11.49%, leading to 13.22% decline in operating profit to Rs 33.21 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 60.67% to 61.19%. Employee cost increased from 6.75% to 7.53%. Other expenses rose from 19.51% to 19.85%. Other income up 429.17% to Rs 1.27 crore. PBIDT fell 10.46% to Rs 34.48 crore. Provision for interest up 12.27% to Rs 8.05 crore. Loan funds rose to Rs 88.42 crore as of 30 September 2024 from Rs 67.70 crore as of 30 September 2023. Inventories rose to Rs 45.18 crore as of 30 September 2024 from Rs 41.49 crore as of 30 September 2023. Sundry debtors were higher at Rs 49.21 crore as of 30 September 2024 compared to Rs 45.19 crore as of 30 September 2023. Cash and bank balance declined from Rs 1.29 crore as of 30 September 2023 to Rs 0.55 crore as of 30 September 2024. PBDT fell 15.67% to Rs 26.43 crore. Provision for depreciation rose 25.58% to Rs 17.77 crore. Fixed assets increased to Rs 277.90 crore as of 30 September 2024 from Rs 235.94 crore as of 30 September 2023. Intangible assets increased from Rs 0.07 crore to Rs 0.14 crore. Profit before tax down 49.62% to Rs 8.66 crore. Provision for tax was expense of Rs 2.46 crore, compared to Rs 4.36 crore. Effective tax rate was 26.09% compared to 25.36%.Profit after tax fell 45.67% to Rs 6.97 crore. Equity capital stood at Rs 17.18 crore as of 30 September 2024 to Rs 17.18 crore as of 30 September 2023. Per share face Value remained same at Rs 10.00. Promoters’ stake was 74.43% as of 30 September 2024 ,compared to 74.43% as of 30 September 2023 .
Full year results analysis
Net sales (including other operating income) of Hitech Corporation has increased 0.56% to Rs 561.79 crore. Operating profit margin has declined from 13.01% to 12.88%, leading to 0.40% decline in operating profit to Rs 72.38 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 62.46% to 60.31%. Employee cost increased from 6.41% to 7.03%. Other expenses rose from 18.05% to 19.79%. Other income fell 50.46% to Rs 1.61 crore. PBIDT fell 2.54% to Rs 73.99 crore. Provision for interest up 3.56% to Rs 14.26 crore. Loan funds rose to Rs 80.38 crore as of 31 March 2024 from Rs 63.05 crore as of 31 March 2023. Inventories rose to Rs 42.07 crore as of 31 March 2024 from Rs 37.48 crore as of 31 March 2023. Sundry debtors were higher at Rs 42.34 crore as of 31 March 2024 compared to Rs 36.57 crore as of 31 March 2023. Cash and bank balance declined from Rs 2.55 crore as of 31 March 2023 to Rs 0.82 crore as of 31 March 2024. PBDT fell 3.89% to Rs 59.73 crore. Provision for depreciation rose 3.88% to Rs 29.71 crore. Fixed assets increased to Rs 271.13 crore as of 31 March 2024 from Rs 234.57 crore as of 31 March 2023. Intangible assets declined from Rs 0.12 crore to Rs 0.02 crore. Profit before tax down 10.52% to Rs 30.02 crore. Provision for tax was expense of Rs 8.02 crore, compared to Rs 9.03 crore. Effective tax rate was 26.72% compared to 24.17%. Profit after tax fell 22.34% to Rs 22.00 crore. Acquires Thriarr Polymers On 13th November 2024, the BOD of the company have approved entering into definitive agreements including a Share
Purchase Agreement with the shareholders of Thriarr Polymers Pvt Ltd to acquire upto 100%
of the paid-up share capital of Thriarr Polymers Private Limited (“Thriarr Polymers”) on a
fully diluted basis. Post acquisition Thriarr Polymers will become wholly owned subsidiary
of the Company.
Thriarr Polymers is a Private Limited Company engaged, inter alia, in the business of
manufacturing of electrical, automobile and industrial components, including exports to key
international markets in the USA, UAE, Ireland etc. Others Equity capital stood at Rs 17.18 crore as of 30 September 2024 to Rs 17.18 crore as of 30 September 2023. Per share face Value remained same at Rs 10.00. Promoters’ stake was 74.43% as of 31 March 2024 ,compared to 74.43% as of 31 March 2023 . Cash flow from operating activities decreased to Rs 54.57 crore for year ended March 2024 from Rs 69.33 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 51.35 crore, compared to Rs 18.67 crore during the year ended March 2023.
| Hitech Corporation : Standalone Results | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202409 | 202309 | Var.(%) | 202409 | 202309 | Var.(%) | 202403 | 202303 | Var.(%) |
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| Net Sales (including other operating income) | 146.51 | 143.49 | 2.10 | 289.13 | 293.86 | -1.61 | 561.79 | 558.67 | 0.56 | | OPM (%) | 11.54 | 12.31 | -77 bps | 11.49 | 13.02 | -154 bps | 12.88 | 13.01 | -12 bps | | OP | 16.91 | 17.67 | -4.30 | 33.21 | 38.27 | -13.22 | 72.38 | 72.67 | -0.40 | | Other Inc. | 0.36 | 0.08 | 350.00 | 1.27 | 0.24 | 429.17 | 1.61 | 3.25 | -50.46 | | PBIDT | 17.27 | 17.75 | -2.70 | 34.48 | 38.51 | -10.46 | 73.99 | 75.92 | -2.54 | | Interest | 4.1 | 3.61 | 13.57 | 8.05 | 7.17 | 12.27 | 14.26 | 13.77 | 3.56 | | PBDT | 13.17 | 14.14 | -6.86 | 26.43 | 31.34 | -15.67 | 59.73 | 62.15 | -3.89 | | Depreciation | 9.09 | 7.22 | 25.90 | 17.77 | 14.15 | 25.58 | 29.71 | 28.6 | 3.88 | | PBT | 4.08 | 6.92 | -41.04 | 8.66 | 17.19 | -49.62 | 30.02 | 33.55 | -10.52 | | PBT before EO | 4.08 | 6.92 | -41.04 | 8.66 | 17.19 | -49.62 | 30.02 | 33.55 | -10.52 | | EO Income | 0 | 0 | - | 0.77 | 0 | - | 0 | 3.81 | - | | PBT after EO | 4.08 | 6.92 | -41.04 | 9.43 | 17.19 | -45.14 | 30.02 | 37.36 | -19.65 | | Taxation | 1.16 | 1.77 | -34.46 | 2.46 | 4.36 | -43.58 | 8.02 | 9.03 | -11.18 | | PAT | 2.92 | 5.15 | -43.30 | 6.97 | 12.83 | -45.67 | 22 | 28.33 | -22.34 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 2.92 | 5.15 | -43.30 | 6.97 | 12.83 | -45.67 | 22 | 28.33 | -22.34 | | EPS (Rs)* | 1.70 | 3.00 | -43.30 | 3.73 | 7.47 | -50.12 | 12.81 | 14.81 | -13.52 | | | * EPS is on current equity of Rs 17.18 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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