Azad Engineering profit grows 3-fold in Q3 FY24
The Hyderabad-based company reported Profit After Tax at Rs 16.8 crore for the three months ended December 2023
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Hyderabad, February 6: Hyderabad-based Azad Engineering on Tuesday reported more than three-fold increase in Profit After Tax (PAT) at Rs 16.8 crore for the three months ended December 2023.
The company had posted a PAT of Rs 3.83 crore in the year-ago period, according to a statement. The revenue from operations in the third quarter of the current fiscal rose 49 per cent to Rs 89.23 crore from Rs 68.8 crore in the same period a year ago. The company's energy segment accounted for 81 per cent of the total revenue while aerospace and defence business contributed 17 per cent. The exports revenue accounted for 88 per cent.
"We delivered 49 per cent Year-on-Year revenue growth in both Q3 FY24 and 9M FY24. This growth is marked by a 3x YoY growth in our aerospace and defense segment. "In the coming years, we expect the this business will contribute to our revenues on par with the energy segment, with oil and gas coming in second," Rakesh Chopdar Chairman & CEO of Azad Engineering, said.
The company made its debut on the stock exchanges last month. "The IPO has resulted in a strengthening of our balance sheet, which will contribute to better profitability through the reduction of interest costs and will also bolster our growth," he said.
