Precision Wires India rose 3.06% to Rs 143 after company's net profit increased 19.22% to Rs 18.05 crore on 14.45% rise in revenue from operations to Rs 799.51 crore in Q3 FY23 over Q3 FY22.
Profit before tax in Q3 FY23 stood at Rs 24.95 crore, up by 18.75% from Rs 21.01 crore in Q3 FY22.Total expenses stood at Rs 779.88 (up 14.24% YoY), cost of raw material consumed was at Rs 763.19 crore (up 15.87% YoY), power and fuel cost stood at Rs 8.79 crore (up 4.27% YoY).
Meanwhile, the board has approved second interim dividend of Rs 0.30 per equity share and record date is fixed as 20 February 2024.
Further, the companys board approved re-appointment of Milan Mehta as managing director and vice chairman for for a further period of three years, i.e. from 1 April 2024 to 31 March 2027.
Lastly, the board of directors has approved the expansion cum modernization project for an estimated additional installed capacity of approximately 6000 MT/per year for various types of winding wires and about 8500 MT/per year of copper rods/ bare copper strips to be implemented at Silvassa in DNH and in Gujarat, at an estimated cost of project at Rs 63 crore plus GST as applicable.
Precision Wires India is engaged in manufacturing of enamelled round and rectangular copper winding wires, continuously transposed conductor (CTC) and paper/mica/nomex insulated copper conductor (PICC) which are used by the electrical/electronics industries.
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