HLE Glascoat Q3 FY23 profit after tax surges by 58% to Rs 1,228 lakhs

HLE Glascoat Limited has reported a profit after tax of INR 1,227.5 lakhs for the third quarter of the fiscal year 2023 (Q3 FY23), an increase of 58.3%, compared to INR 775.5 lakhs for the same period of the previous fiscal year.

The Indian company, which manufactures process equipment for the chemical and pharmaceutical sectors, reported a 36.4% growth in total revenues at INR 21,670.1 lakhs, compared to INR 15,884.9 lakhs in Q3 FY22.

For the nine months ended 31 December 2022, HLE Glascoat registered a profit of INR 4,701.9 lakhs, an increase of 34.4% compared to INR 3,497.2 lakhs for 9M FY22.

The filtration, drying and other equipment business of HLE Glascoat earned revenues of INR 7,721.9 lakhs in Q3 FY23, which is a 7% increase compared to INR 7,221.9 lakhs in the corresponding quarter of the previous fiscal year.

On the other hand, HLE Glascoat’s glass lined equipment business earned INR 13,447.3 lakhs in the reported quarter, which is a 69% growth compared to INR 7,955 lakhs in Q3 FY22.

Commenting on HLE Glascoat Q3 FY23 results, Himanshu Patel — HLE Glascoat Managing Director said: “The Indian economy continues to be resilient despite the geopolitical uncertainties on account of the Russia Ukraine war and emerging global recessionary trends. This is also reflected in our business which saw Q3 revenue from operations growth of ~38% and Q3 PAT growth of 58%.

“We continue to see encouraging demand from clients which is also reflected in our robust order book. On the cost side, we are now witnessing stability in the prices of key raw materials and we are monitoring this very closely. This will have a positive impact on our gross margins from the new business in the coming quarters.”