GMM Pfaudler Q3 PAT up 10% to Rs 23 cr

GMM Pfaudler reported 9.8% jump in consolidated net profit to Rs 23.11 crore on 29.4% rise in net sales to Rs 201.81 crore in Q3 December 2020 over Q3 December 2019.

Consolidated profit before tax (PBT) soared 18.2% to Rs 31.96 crore in Q3 December 2020 as against Rs 27.05 crore in Q3 December 2019. Current tax expense for the quarter surged 21.1% to Rs 8.71 crore as against Rs 7.19 crore in Q3 December 2019. The Q3 result was declared after market hours yesterday, 20 January 2021.

Consolidated EBITDA grew 38% to Rs 41.9 crore in Q3 December 2020 from Rs 30.4 crore in Q3 December 2019. EBITDA margin improved to 21% in Q3 FY21 from 20% in Q3 FY20.

Commenting on the company's performance for Q3 FY21, Tarak Patel, the managing director (MD) of GMM Pfaudler, has said that: "We are pleased to announce yet another quarter of strong performance. Our end user segments continue to do well led by a strong recovery in the pharmaceutical sector, resulting in a healthy order backlog across all our product lines."

"Our newly acquired manufacturing facility in Hyderabad is up and running along with our new gas furnaces in Gujarat. In reference to the acquisition of the international business of the Pfaudler Group, we have received all foreign investment and antitrust approvals and we expect to close the transaction soon. The overall business environment looks very promising and we expect all our business lines to do well.".

Jugal Sahu has resigned as the chief financial officer (CFO) of the company with effect from 20 January 2021 due to personal reasons and will be relieved with effect from 31 March 2021. Manish Poddar has been appointment and re-designation as the CFO and Key Managerial Personnel (KMP) with effect from 20 January 2021 on account of resignation of Jugal Sahu.

GMM Pfaudler is a leading supplier of process equipment to the pharmaceutical and chemical industries. The company holds a majority stake of 54% in the parent Pfaudler Group and is the market leader with more than five decades' experience in manufacturing glass lined equipment.

The scrip fell 2.40% to Rs 3772.90. It traded in the range of 3700 and 3885 so far during the day.

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