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Business Economy


Mold-Tek Tech Q3 consolidated net profit up by 5.5 times to Rs 9.21 cr

Hyderabad, Feb 2 (UNI ) Mold-Tek Technologies Limited, KPO in Structural Engineering and Designing services, on Thursday reported a 5.5 times increase in consolidated net profit to Rs 9.21 crore for the quarter ended December 31, 2022 in the current fiscal as against Rs 1.67 crore in the corresponding period in the previous fiscal 2021-22.
The company’s consolidated net profit for the first nine months also rose by 122.9 per cent to Rs 1915.60 lakh as against Rs 859.18 lakh for 9-months in FY 2021-22, the company said in a release here.
Revenue during the quarter increased by 70.85 per cent to Rs 4072.81 lakh as against Rs 2383.85 crore in the corresponding period in the last fiscal while for the nine-months, the revenue increased by 48.98 per cent to Rs 10439.63 lakh as against Rs 7007.55 lakh in nine months of FY 2021-22.
Commenting on the results, company Chairman and Managing Director J.Lakshmana Rao said , this impressive performance is achieved through increase in revenues, improving Operational efficiency by implementing strong internal quality and cost controls.
Both our Civil and Mechanical divisions have given stellar performance in Q3 resulting in jump in revenues and multifold increase in profitability, he said.
Rao said Civil and Structural Division, our main line of business has performed well in this Quarter and 9 months in terms of revenue.
Increase in Fixed team revenues has also contributed to the growth in the Civil Division, he said.
The Company CMD said Mechanical Division has continued its positive contributions in this Quarter also which helped the Company grow considerably in Q3 and 9 months of FY 2022-23.
Mechanical Division achieved revenue of $1.996 million in 9M 2022-23, compared to $1.137 million in 9M 2021-22, an impressive growth of 75.55 per cent, while for Q3FY23, the Division achieved revenue of $0.974 million compared to $0.495 million in Q3 2021-22, growth of 96.77 per cent,
Company is expecting new clients in Fixed teams and Precast Concrete design/detailing services which have good growth prospects, he said.
Lakshmana Rao said Connection design and member design capacities have been created and the company hopes to enhance its revenues and profitability with this entry into high value engineering services.
Mold-Tek Technologies Limited established engineering services capabilities for Electric vehicles by executing BIW orders for leading EV manufacturers way back in 2019-20. This experience is now very helpful in presenting our Company as the experienced design house for Automobile Tier 1 and Tier 2 companies in Europe and North America, said Rao.
The CMD said the company is expecting demand for design services from Automobile clients to go up significantly. We are focusing on the Electric Vehicles domain and our association with the Tier 1 and 2 clients has contributed to the Mechanical division growth in the last few quarters, he added.
He said in the upcoming quarters we are taking measures to increase the capacity both in-house and also through sub-contract to execute more orders we are receiving from clients in Europe and Mexico and added we are also entering a few other domains in the Mechanical division.
UNI KNR CS1805
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