Suprajit Engineering spurts after turnaround Q1 results

Suprajit Engineering jumped 3.99% to Rs 322.85 after the auto ancillary company reported a consolidated net profit of Rs 43.16 crore in Q1 FY22 compared with net loss of Rs 14.5 crore in Q1 FY21.

Consolidated net sales soared 103.8% to Rs 361.62 crore in Q1 FY22 over Q1 FY21. The company posted a profit before tax of Rs 52.88 crore in Q1 FY22 compared with pre tax loss of Rs 18.32 crore in Q1 FY21. The company's operating EBITDA stood at Rs 49.22 crore in Q1 FY22 as against negative EBITDA of Rs 4.83 crore in Q1 FY21.

Suprajit said Q1 FY22 performance was significantly superior to that of Q1 last year. The June quarter also saw certain price increase impacting result. Wescon had an additional one off income of Rs 15.8 crore related to paycheck protection program, forgiven by US Federal Government.

The company said that the planned expansion at Narsapura as well as at Phoenix Lamps Divison faced certain delays due to COVID-199 disruptions.

Suprajit managed to pare its overall debt to Rs 301.3 crore as of 30 June 2021 from Rs 354.6 crore as of 30 June 2020.

Suprajit Engineering is India's largest automotive cable and halogen bulb maker with an annual global capacity of 300 million cables and 110 million halogen bulbs. The company's customer list includes most Indian automotive majors. It also exports to many marquee global customers.

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