HLE Glascoat tumbles after Q1 PAT slips 42% to Rs 6 cr

HLE Glascoat tumbled 4.62% to Rs 1338 after the company's net profit declined 42.2% to Rs 6.27 crore in Q1 June 2020 from Rs 10.85 crore in Q1 June 2019.

Revenue from operations fell 8.3% to Rs 83.74 crore in the June quarter from Rs 91.36 crore in the same period last year. Profit before tax in Q1 FY21 was at Rs 10.37 crore, down by 6.4% from Rs 11.08 crore in Q1 FY20. Current tax expense increased by 6.3% year-on-year (YoY) to Rs 3.51 crore during the quarter.

Among business segments, filtration, drying and other equipment business revenue was at Rs 46.77 crore (up 28.4% YoY), glass lined equipment business revenue was at Rs 28.58 crore (down 28.3% YoY) and chemical products business revenue was at Rs 8.38 crore (down 44.3% YoY) during the quarter.

 

HLE Glascoat specializes in design and manufacturing of carbon steel glass lined equipment viz. reactors, receivers / storage tanks, dryers, filters, columns, agitators, valves, pipes & fittings. It caters to requirement of leading pharmaceutical / API, specialty chemicals, dyes / colours, agro chemicals, food processing and allied industries.

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