Chennai-based ESAB India has posted a 62 per cent YoY growth in first-quarter net profit at ₹42 crore. The welding and cutting equipment manufacturer’s net profit for the same quarter of the previous year stood at ₹26 crore. However, on a sequential basis, its net profit stayed muted at ₹42 crore recorded in Q4FY23.
The company’s revenue from operations grew by 23 per cent to ₹298 crore as opposed to ₹243 crore in the year-ago quarter but slightly lower than ₹302 crore the company recorded in the preceding quarter. Total expenses of the company went up by 16 per cent to ₹244 crore in Q1FY24.
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The company also informed exchanges that its board has approved an investment up to ₹50 lakhs for a 26 per cent equity in a special purpose vehicle (SPV), which will generate and supply wind power to the company.
Meanwhile, shares of ESAB India closed at ₹4,878.50 on Friday on NSE, 5 per cent higher than the previous day’s closing price.