Pennar Industries consolidated net profit up 25.8%

Hyderabad: Value-added engineering products and solutions company Pennar Industries reported a net profit of Rs 16.5 crore after minority interest compared to Rs 13.1 crore recorded in Q1FY19 – an y-o-y increase of 25.8 per cent.

For Q1FY20, net revenue was Rs 541.4 crore compared to net revenue of Rs 466.5 crore in Q1 FY19; up 16.0 per cent y-o-y.

Commenting on Q1 financial performance, K M Sunil, Vice President - Corporate Strategy, Pennar Industries Limited said, "Pennar Industries started FY2020 on a strong note with a good set of Q1 numbers.

Backed by incremental scheduled deliveries and projects completions, the company posted a top line y-o-y growth of 16 per cent and a robust 26 per cent y-o-y growth in profits.

With a healthy order book in PEBS division and consistent order inflow from new and repeat customers, we have a positive outlook for rest of the year."

During Q1, PIL received steady orders across business verticals such as building products, tubes, solar, railways, industrial components and pre-engineered buildings.

The order book position for pre-engineered building systems segment was Rs 554 crore as on June 30, 2019. The order book position for water treatment & chemicals segment as on June 30, 2019 was Rs 86 crore.

Among the various verticals, gross revenue from Steel BU stood at Rs 190 crore, Railways revenue stood at Rs 99 crore, Tubes revenue stood at Rs 66 crore, Industrial components revenue stood at Rs 37 crore, Pre-engineered buildings division revenue stood at Rs 174.5 crore in the total gross revenue.

The balance came in from other business divisions.