Everest Inds to set up manufacturing facility in South India

Everest Industries said that its board has approved capex of Rs 125 crore to set up manufacturing facility for steel buildings division (ESBS) in South India.

"The board of directors of the company at their meeting held on 20 February 2023, has approved capex of Rs 125 crore to set up a new manufacturing facility for ESBS through a wholly owned subsidiary or by the company at Gudipalli, Andhra Pradesh or any other appropriate location in South India, subject to the receipt of requisite approval, the company stated in exchange filing.

The said CAPEX would enhance the existing capacity of 72,000 mtpa to 114,000 mtpa for ESBS division. It is expected that said CAPEX would be operational by 31 March 2024. It will be funded by a mix of internal accruals and debt.

Everest Industries is engaged in manufacturing and trading of building products like roofing products, boards and panels, other building products and accessories and manufacturing of components of pre engineered steel buildings and related accessories.

The company's consolidated net profit declined 30.9% to Rs 4.97 crore despite of 16.3% jump in net sales to Rs 392.35 crore in Q3 FY23 over Q3 FY22.

The scrip declined 1.73% to Rs 740.25 on the BSE.

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