Precision components manufacturer gained 8 percent in the day’s trade after its board of directors declared the company’s quarter ended September (Q2FY24) results with 67 percent jump in Net profit and has announced its plans for capacity expansion and an equity investment
At 1:46 a.m the shares of Craftsman Automation Limited were trading at Rs. 4,824 per share, up 3.6 percent from its previous day close price and its market capitalization is Rs. 10,183 Crores.
As per the company’s filing, Craftsman Automation Limited has released their quarter ended September (Q2FY24) results, updates and it is as follows,
The company’s revenue from operation grew 51.89 percent YoY from Rs. 776.24 Crores in Q2FY23 to Rs. 1,176.06 Crores in Q2FY24 and it grew 13.63 percent QoQ from Rs. 1,037.63 Crores in Q1FY24 to Rs. 1,179.06 Crores in Q2FY24.
Its Net Profit grew 67.23 percent YoY from Rs. 62.48 Crores in Q2FY23 to Rs. 104.49 Crores in Q2FY24 and it grew 29.25 percent QoQ from Rs. 80.84 Crores in Q1FY24 to Rs. 104.49 Crores in Q2FY24.
In addition to this the board of directors of the company have approved the proposal for setting up of a new plant at Kothavadi, Coimbatore for a capacity addition ranging from 5 percent to 10 percent.
It will be done in two phases, Phase one- Automotive Powertrain & Industrial Engineering (24 to 30 months) with an investment of Rs. 102.5 Crores and Phase two-All segments (30 to 60 months) with an investment of Rs. 106 Crores, 90 percent of the project financing will be done through term loan and the balance through Internal accruals.
The company’s board has also approved to make an equity investment in Sulur Maharaja Solar Green Power Private Limited up to Rs.21,87,000 for the purpose of purchase of solar power under Group Captive Scheme and the investment will be done in two months.
The company’s revenue grew 43.55 percent from Rs. 2,217.02 Crores in FY22 to Rs. 3,182.6 Crores in FY23, accompanied by increasing profits of Rs. 163.09 Crores to Rs. 248.39 Crores.
In FY23 it has reported a return on equity (ROE) of 19.98 percent and a return on capital employed (ROCE) of 21.69 percent, it is making good returns on its equity and capital employed.
According to the latest shareholding data available for the September 2023 quarter, the company’s Promoters hold 54.99 percent stake, the Domestic Institutional Investors hold 17.28 percent and the Foreign Institutional Investors (FII) hold 12.68 percent.
Craftsman Automation is a precision components manufacturer, it is engaged in designing, developing and manufacturing of engineering products using its state-of-the-art engineering technology and efficient manpower.
Written by: Bharath K.S
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