Technocraft Industries (India) Limited Q3FY21 Consolidated Revenue from Operations at ₹ 335 Crores

Technocraft Industries (India) Limited, amongst India's leading engineering Company announced its financial results on February 11, 2021 for the second quarter (Q3 FY21) ended on December 31, 2020.

Highlights of consolidated financials for the quarter are:

- Revenue from Operations for the quarter stood at ₹ 335 Crores in Q3 FY21 as compared of Rs. 327 Crores in Q3 FY20.

- EBIDTA for the Q3 FY21 stood at ₹ 77 Crores as against ₹ 69 Crores in Q3 FY20.

- Depreciation for the quarter increased by ₹ 5 Crores as a result of expansions across various divisions, result of which are likely to be seen in coming years.

Consolidated Segmental Highlights for the quarter are:

- Drum Closure Division: Revenue from Operations increased to ₹ 104 Crores on YOY Basis from ₹ 93 Crores of the corresponding quarter. Also the Profit Before Tax and Finance Cost but after Depreciation increased to ₹ 28 Crores as compared ₹ 25 Crores in the corresponding quarter.

- Scaffolding Division: Revenue from Operations stood at ₹ 124 Crores as compared to ₹ 122 Crores in Q3 FY20. Profit Before Tax and Finance Cost but after Depreciation reduced to ₹ 11 Crores mainly due to increase in costs of steel, aluminium, zinc and ocean freight during the period and slow down in the construction activities because of sequential impact of Covid. Management is hopeful that impact of Covid-19 is likely to get reduced and we will be able to pass-on the increase in row material cost, in medium and long term going forward. The management believes that this division has strong prospects due to anticipated growth in Infrastructure and affordable housing construction demand in India post Covid.

- Textiles: Revenue from Operations of Yarn Division is stood at Rs. 67 Crores and of Fabric Division increased by 32% to ₹ 47 Crores amid challenging business environment in textile sector and lower capacity utilization of Fabric Division, which the management aims to improve in future.

Inspite of above crisis in textile and retail sector, the division has performed as follows in Q3FY21:

- Profit Before Tax and Finance Cost but after Depreciation of the Yarn division is Rs. 0.2 Crores as compared to loss of Rs. 5 Crores of the Q3FY20.

- Profit Before Tax and Finance Cost but after Depreciation of fabric division is reduced to ₹ 1 Cr from ₹ 2 Crores of last year's Q3.

- Engineering Services: Revenue from Operations for Q3FY21 was maintained at ₹ 23 Crores. Profit Before Tax and Finance Cost but after Depreciation increased to ₹ 3 Crores as compared to profit of ₹ 1 Crores in the corresponding quarter of the previous year. This division has also done well in spite of the Covid 19 challenges and 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.395.05 as compared to the previous close of Rs. 410.5. The total number of shares traded during the day was 20476 in over 1609 trades.

The stock hit an intraday high of Rs. 423.1 and intraday low of 392.3. The net turnover during the day was Rs. 8315535.

Source : Equity Bulls

Keywords