Mold-Tek Technologies jumps 9% after profit more than doubles in Q4

Civil and structural division achieved revenue growth of 10.47 percent, and mechanical division registered a revenue growth of 257.11 percent over a year-ago quarter, Mold-Tek Technologies said.

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Mold-Tek Technologies shares rallied over 9 percent intraday on May 2 after profit for the March FY23 quarter more than doubled on the back of healthy topline and operating numbers.

Consolidated profit for the quarter came in at Rs 10.11 crore, growing 115 percent over Rs 4.7 crore reported in corresponding period last fiscal.

The Hyderabad-headquartered engineering services provider has recorded a 49.1 percent on-year increase in revenue from operations at Rs 42.5 crore for Q4FY23.

“Both civil and mechanical divisions have given a stellar performance in Q4, resulting in jump in revenues and impressive increase in profitability,” Mold-Tek said in its filing to exchanges.

The company further said civil and structural division achieved revenue growth of 10.47 percent, and mechanical division registered a revenue growth of 257.11 percent over a year-ago quarter.

On the operating front, EBITDA (earnings before interest, tax, depreciation and amortisation) surged 105 percent year-on-year to Rs 13.97 crore with margin expansion of 895 bps at 32.82 percent for the quarter ended March FY23.

This impressive performance is achieved through increase in revenues, improving operational efficiency by implementing strong internal quality and cost controls, Mold-Tek said.

For FY23, the consolidated profit surged 120 percent to Rs 29.26 crore and revenue grew by 49.3 percent to Rs 146.87 crore compared to previous fiscal.

The company has announced a final dividend of Rs 1.4 per share for the financial year 2022-23, taking the total dividend for the year to Rs 3.4 per share.

The stock traded with gains of 5.51 percent at Rs 289.15 on the NSE, with 4.08 lakh shares volumes at 2:36pm.