Indian oil corporation ltd., Company

PAT up by 5.5 times from ` 1.67 Cr in Q3 2021-22 to ` 9.21 Cr in Q3 2022-23 Consolidated Profit after Tax 9M on 9M up by 122.96% Consolidated Sales 9M on 9M up by 48.98%Hyderabad (Telangana) [India], January 30: Mold-Tek Technologies Limited, KPO in Structural Engineering and Designing services posted excellent financial results for the Quarter and Nine months ended 31st December 2022 in the Board Meeting dated 30th January 2023 as follows.Consolidated results for the Quarter and Nine Months Ended 31st December 2022.Performance Highlights of 9M to 9M✓ Revenue ` 10439.63 Lakhs (FY 21-22 9M: ` 7007.55 Lakhs) up by 48.98%✓ PAT ` 1915.60 Lakhs (FY 21-22 9M: ` 859.18 Lakhs) up by 122.96%✓ EBIDTA ` 2949.72 Lakhs (FY 21-22 9M: ` 1528.82 Lakhs) up by 92.94%Performance Highlights of Q3 to Q3✓ Revenue ₹ 4072.81 Lakhs (FY 21-22 Q3: ₹ 2383.85 Lakhs) up by 70.85%✓ PAT ₹ 920.96 Lakhs (FY 21-22 Q3: ₹ 166.68 Lakhs) up by 452.53%✓ EBIDTA ₹ 1358.18 Lakhs (FY 21-22 Q3: ₹ 339.69 Lakhs) up by 299.83%This impressive performance is achieved through increase in revenues, improving Operational efficiency by implementing strong internal quality and cost controls.Performance in Q3 & 9M FY 2022-23:Both our Civil and Mechanical divisions have given stellar performance in Q3 resulting in jump in revenues and multifold increase in profitability. With good work on hand in Civil and Mechanical divisions and improved efficiencies, Company hopes to perform well in the coming quarters. Future Prospects: Mechanical DivisionMold-Tek Technologies Limited established engineering services capabilities for Electric vehicles by executing BIW orders for a leading EV manufacturers way back in 2019-20. This experience is now very helpful in presenting our Company as the experienced design house for Automobile Tier 1 and Tier 2 companies in Europe and North America.The company is expecting demand for design services from Automobile clients to go up significantly. We are focusing on Electric Vehicles domain and our association with the Tier 1 and 2 clients has contributed to the Mechanical division growth in last few quarters. In the upcoming quarters we are taking measures to increase the capacity both in-house and also through sub-contract to execute more number of orders we are receiving from clients in Europe and Mexico. We are also entering few other domains in Mechanical division. We are actively exploring US Opportunities for Mechanical Division, if fruitful that can fuel further growth in this division. The work on hand as on 1stJan 2023 for Mechanical Division has increased many folds compared to the same last year. With the boom in EV automobiles and launching of several new models future looks very bright for our Mechanical division. While Mechanical division has made losses till Q1 2022-23 it turned around strongly with Division Profitability of $ 142K in Q2 and $ 254K in Q3. Future performance is expected to be better with increase in order flow.Company is also in the lookout for acquisitions in the field of Connection Design, Structural designing engineering and Mechanical engineering to expand its operations in USA.Future Prospects – Civil and Structural Division:Fixed Teams billing increased and we are expecting even more Fixed Team clients in Civil division to increase the performance. There is a considerable work on hand and hoping the trend to continue in coming quarters. The work on hand for Civil division compared to last year 31st December has increased by 37%. Improved quality with timely execution has resulted in Tier 1 clients offering larger projects with good hourly rates. Company is expecting new clients in Fixed teams and Precast Concrete design/detailing services which has good growth prospects.Connection design and member design capacities have been created and company hope to enhance its revenues and profitability with this entry into high value engineering services.If you have any objection to this press release content, kindly contact pr.error.rectification@gmail.com to notify us. We will respond and rectify the situation in the next 24 hours.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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