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Hot Pursuit News

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(08 Feb 2024, 17:15)

Precision Wires gains after PAT rises 19% YoY in Q3

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 company’s 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 type...

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