Precision Wires slumps after muted Q2 performance; board OKs 1-for-2 bonus issue

Precision Wires tumbled 5.04% to Rs 98.90 after company's net profit declined 2.07% to Rs 14.66 crore, despite 2.08% rise in revenue from operations to Rs 721.31 crore in Q2 FY23 over Q2 FY22.

Total expense stood at Rs 706.38 (up 2.66% YoY), cost of raw material consumed was at Rs 638.50 crore (down 5.51% YoY), power and fuel cost stood at Rs 8.47 crore (up 28.66% YoY).

Profit before tax in Q2 FY23 stood at Rs 19.63 crore, down by 5.3% from Rs 20.73 crore in Q2 FY22.

The board of Precision Wires has approved a proposal to issue 1 bonus equity share for every 2 equity shares held by the shareholders of the company as on the record date. The bonus shares would be credited within 2 months from the date of approval in board meeting i.e. by 9 January 2023.

Precision Wires India is engaged in manufacturing of enamelled round and rectangular copper winding wires, continuously transposed conductor(CTC) and paper/mica/nomex insulated copper conductor(PICC) which are used by the electrical/electronics industries.

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