The share price of Hind Rectifiers firmed up 15 percent on Friday after the company kicked off commercial production at its manufacturing plant in Sinnar, Maharashtra.
The company, which manufactures rectifier equipment and semi-conductor devices, has built around 12,900 square metres area at the Sinnar plant. The benefits of these new production lines at Sinnar will start yielding from 2023-24 onwards, the company said in an exchange filing.
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The Company is focusing on expansion of this product range by developing new products in-house and said the development is in line with company’s goal to generate additional revenue and expand margins.
In Q3FY23, the company saw its operational revenue grew 3 percent YoY (year-on-year) to Rs 97 crore, and as against Rs 78 crore in the September 2022 quarter. However, the company’s net profit surged 85 percent to Rs 2.42 crore. The company had reported a net loss of Rs 4.06 crore in the September quarter.
For the nine-month period, revenue declined 8 percent on-year to Rs 248 crore. The company also posted a net loss of Rs 3.9 crore for the nine months ending December 2022, compared to a profit of Rs 6.2 crore reported in December 2021.
The company’s share price has increased 3 percent in the last one month and 11 percent in the last six months. At 10.15am, the scrip was trading 14.95 percent up at Rs 225.65 apiece, while the benchmark Nifty was down 1.12 percent at 17,392.10 points.