Technocraft Industries (India) Limited announces Q1FY22 results

Technocraft Industries (India) Limited, amongst India's leading engineering Company announced its financial results on August 12, 2021 for the first quarter (Q1 FY22) ended on June 30, 2021.

Highlights of consolidated financials for the quarter are:

- Revenue from Operations for the quarter increased by 48% on YOY Basis to ₹ 405 Crores.

- EBIDTA increased by 57% on YOY Basis to ₹ 114 Crores.

- Profit after Tax from continued operations increased by 86% to ₹ 72 Crores inspite of the Covid challenges.

- EPS on the basis of continued operations for the quarter increased from ₹ 15.30 to ₹ 28.62 Per Share on YOY Basis.

- Finance Cost for the quarter decreased by 28% during the quarter on YOY Basis.

Consolidated Segmental Highlights for the quarter on YOY Basis:

- Drum Closure Division: Revenue from Operations increased by 45% on YOY Basis from ₹ 94 Crores to ₹ 137 Crores. Profit Before Tax and Finance Cost but after Depreciation substantially increased by 48% to ₹ 50 Crores, inspite of the Covid 19 challenges.

- Scaffolding Division: Revenue from Operations increased by 56% on YOY Basis from ₹ 87 Crores to ₹ 135 Crores. Profit Before Tax and Finance Cost but after Depreciation increased by 44% from ₹ 13 Crores to ₹ 19 Crores. The management strongly believes that this division has strong prospects due to anticipated growth in Infrastructure globally and Affordable housing construction demand in India.

- Textiles: Revenue from Operations of Yarn Division increased by 92% on YOY Basis from ₹ 46 Crores to ₹ 89 Crores and of Fabric Division increased by 258% from ₹ 16 Crores to ₹ 58 Crores. Profit Before Tax and Finance Cost but after Depreciation of Yarn Division is ₹ 14 Crores as against loss of ₹ 5 Cores in Q1 FY21. Profit Before Tax and Finance Cost but after Depreciation of Fabric Division is ₹ 3 Crores as against loss of ₹ 2 Cores in Q1 FY21.

The Company has made significant structural changes in these divisions and is concentrating on Value Added products and therefore both the divisions have shown better revenue and profit in this quarter as compared to loss in corresponding quarter of previous year.

- Engineering Services: Profit Before Tax and Finance Cost but after Depreciation increased by 17 % to ₹ 5 Crores. Financials of this division for the current quarter is not comparable with the corresponding quarter of the previous year as the Q1 FY21 included the Financial Results of the five foreign subsidiaries (grouped under Engineering & Design Segment) for a Period of Six Months i.e. from Jan 2020 to June 2020 and Q1 FY 22 included Financial Results of these subsidiary companies for three months i.e. from April 2021 to June 2021. The Management is hopeful of good performance going forward in view of Work From Home for this segment and Cost Restructure supported by revival of Demand.

Shares of Technocraft Industries (India) Ltd. was last trading in BSE at Rs. 717.85 as compared to the previous close of Rs. 695.35. The total number of shares traded during the day was 9729 in over 953 trades.

The stock hit an intraday high of Rs. 732.75 and intraday low of 689. The net turnover during the day was Rs. 7044009.

Source : Equity Bulls

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