HLE Glascoat logs 65% y-o-y growth in Revenue for Q1FY23; stock tumbles ~5%

11 Aug 2022 , 02:25 PM

HLE Glascoat Limited, a manufacturer of chemical process equipment, filtration, drying, and glass-lined equipment, announced its unaudited financial results for the quarter ended June 30, 2022.

The company logged revenue of Rs204.42 crore in Q1FY23, up by 65% yoy against Rs124.23 crore in Q1FY22.

For Q1FY23, it reported an EBITDA of Rs31.51 crore as compared to Rs24.88 crore in the previous corresponding quarter, registering a growth of 27% y-o-y.

Company’s EBITDA margin for Q1FY23 stood at 15.15% as compared to 19.85% in Q1FY22.

HLE Glascoat logged 7% yoy growth in Q1FY23 PBT at Rs21.81 crore as against Rs20.47 crore in the previous corresponding quarter.

Company’s Profit After Tax was reported at Rs15.38 crore in Q1FY23, clocking a growth of 8% on a y-o-y basis as compared to Rs14.19 crore in Q1FY22.

Further, the Board of Directors recommended a dividend of Rs5 per share for FY22 and has approved the sub-division of equity shares of the Company, subject to consent by the shareholders at the forthcoming AGM.

The company also emphasized that the process of integration of the operations of Thaletec GmbH, acquired in December 2021, is ongoing.

At around 2.30 PM, HLE Glascoat was trading 4.55% lower at Rs3,553.30 against previous close of Rs3,722.60 on NSE. It touched intraday high and low of Rs3,594 and Rs3,423.55 respectively.