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Mold-Tek Technologies Ltd announces Q3 FY24 results

Posted On: 2024-02-09 22:59:29 (Time Zone: IST)


Mold-Tek Technologies Limited, KPO in Structural Engineering and Designing services posted good financial results for the Quarter and Nine months ended 31 st December 2023 in the Board Meeting dated 9th February, 2024 as follows.

Company's Q3 & 9 months FY: 2023-24 Financial results:

Company achieved revenue of $14.322 million in 9M 2023-24 compared to $12.994 million in 9M 2022-23, an impressive growth of 10.22%, in dollar terms.

Company achieved revenue of $5.015 million in Q3 2023-24 compared to $4.942 million in Q3 2022-23, growth of 1.48% and $4.848 million in Q2 2023-24, growth of 3.44%.

Company's Consolidated Profit after Tax for

9M 2023-24 is Rs. 2142.83 Lakhs, as against Rs. 915.60 Lakhs for 9M 2022-23, growth of 11.86%.
Q3 2023-24 is Rs. 701.25 Lakhs as against Rs. 920.96 Lakhs for Q3 2022-23, down by 23.86%.
Q3 2023-24 is Rs. 701.25 Lakhs as against Rs. 813.11 Lakhs for Q2 2023-24, down by 13.76%.

Despite the company's increased revenues, there has been a rise in employee costs due to the addition of approximately 173 new Trainee Engineers in both the Civil and Mechanical divisions, as well as the hiring of new Senior resources. Additionally, the purchase of updated software to meet client requirements and the purchase of new additional softwares have led to an increase in depreciation and amortization costs, as well as AMC charges compared to the previous year.

Company has added additional resources in a big way not only in structural detailing but also in the new segments of Mechanical engineering division for executing the trail projects in press tools, special purpose machines and industrial automation. Revenues from these new segments are expected only in the FY 2024-25. This initiative has increased the staff costs considerably resulting lower profitability.

Shares of Mold-Tek Technologies Limited was last trading in BSE at Rs. 235.10 as compared to the previous close of Rs. 263.85. The total number of shares traded during the day was 30927 in over 1115 trades.

The stock hit an intraday high of Rs. 269.15 and intraday low of 226.00. The net turnover during the day was Rs. 7513116.00.


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