Forbes & Company spurted 15% to Rs 593.90 after the company reported consolidated net profit of Rs 145.78 crore in Q1 June 2022 as against net loss of Rs 4.34 crore in Q1 June 2021.
On a consolidated basis, net sales declined 6.36% to Rs 121.85 crore in Q1 June 2022 over Q1 June 2021.The company's pre-tax profit (before exceptional items) stood at Rs 197.14 crore in Q1 June 2022 as against pre-tax loss (before exceptional items) of Rs 14.23 crore in Q1 June 2021. Total expense fell 0.81% YoY to Rs 135.09 crore in Q1 FY23.
The board has proposed special interim dividend of Rs 65 per share for the financial year 2022-23. The record date is set on 25 August 2022.
Meanwhile, the company's board approved in principle, a proposal to enter into a Joint Venture with Macsa ID for providing innovative laser marking and traceability solutions for the entire range of materials - metals & non-metals. It is proposed to set up joint venture company with equal participation of both, the company and Macsa ID.
Macsa ID is one of the four leading companies internationally in the field marking and traceability and offers comprehensive so lutions to the food, beverages, pharmaceutical, healthcare, cosmetics, industrial engineering sector which sector includes automotive, aeronautics, defense, construction etc. Macsa ID is recognized as a world leader in technological innovation in lasers for marking and coding.
Separately, the company informed that its board approved in principle, a proposal to incorporate a wholly owned subsidiary to deal in current and new technologies in existing range of businesses.
Forbes & Company is involved in three main areas: engineering, real estate and business of developing payment processing and transaction automation solutions.
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