Industrial Machinery company HLE Glasscoat announced Q4FY23 & FY23 results:
- Strong Financial Performance
- FY23 Revenue from Operations growth of 42.8% YoY, EBITDA growth of 23.3% YoY
- Q4FY23 Revenue from Operations growth of 19.7% YoY, EBITDA growth of 19.4% YoY
- Q4FY23 Revenue from Operations growth of 39.3% QoQ, EBITDA growth of 67.3% QoQ
- An order book of approximately 4-5 months for the Indian business and approximately 9 months for the European business. Several new customers were added in India and Europe.
- Plans for phased implementation of a new manufacturing facility for Glass Lined Equipment at the land parcel acquired at Anand, Gujarat are being prepared.
- The process of integration of the operations of Thaletec GmbH, Germany is ongoing. We believe the advantages of the combined operations will continue to accrue in the coming quarters.
- The Board recommended a final dividend of Rs 1.10 per equity share, face value of Rs 2 (PY Rs 5 per equity share, face value of Rs 10), subject to shareholders' approval.
Commenting on the Results, Himanshu Patel, Managing Director said, “There have been overlapping crises in the world, the latest being the liquidity crunch in the global banking system combined with the recessionary predictions in advanced economies. The Indian economy however continues to be resilient but faces the challenges of increase in interest rates and higher inflation. Despite these challenges, the Company has performed very well, as reflected in our revenues from operations, which grew at approximately 42.8%, and EBITDA, which grew at 23.3%. We continue to observe an encouraging trend in demand, as evidenced by our robust order book.
The raw material prices during the first half of FY23 witnessed unprecedented volatility, thereby adversely impacting the business margins. Fortunately, we are now observing stability in the prices of key raw materials and we continue to monitor the situation very closely. The EBITDA margins were maintained at 15.6% (PY 18.0%) on account of close monitoring of costs and focus on operating efficiencies.
The Company continues to work very closely with Thaletec Germany to take advantage of our synergies.
We continuously strive to meet the evolving needs of our clients through constant efforts in innovation and research and development. By investing in cutting-edge technologies and proactive product development, we ensure that we deliver solutions that exceed customer expectations and maintain our position as a trusted industry leader.”