Hindusthan Udyog Reports 957% Surge in Q1 Consolidated Net Profit
Hindusthan Udyog Limited, a Kolkata-based company, reported a consolidated net profit of Rs 957.46 crore for Q1, up from Rs 1,603.28 crore in the previous year. Standalone net profit improved to Rs 27.67 crore from a loss of Rs 28.82 crore. Other income increased to Rs 131.81 crore. The profit boost was largely attributed to Rs 925.79 crore contribution from associate companies. The Board approved the re-appointment of Mr. B.K. Mawandia as an Independent Director and appointed M/s. Vidhya Baid & Co. as Secretarial Auditor.
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Hindusthan Udyog Limited , a Kolkata-based company, has reported a significant increase in its consolidated net profit for the first quarter. The company's financial results, approved by its Board of Directors on August 14, showcase a remarkable turnaround in its performance compared to the same period last year.
Key Financial Highlights
- Consolidated Net Profit: Rs 957.46 crore, up from Rs 1,603.28 crore in the previous year's quarter
- Standalone Net Profit: Rs 27.67 crore, compared to a loss of Rs 28.82 crore in the previous year's quarter
- Other Income (Standalone): Increased to Rs 131.81 crore from Rs 85.85 crore year-on-year
- Total Comprehensive Income (Consolidated): Rs 2,648.28 crore
- Earnings Per Share (Consolidated): Rs 15.46, compared to Rs 25.88 in the previous year's quarter
Performance Analysis
The substantial growth in Hindusthan Udyog's consolidated net profit can be primarily attributed to the profit from associate companies, which contributed Rs 925.79 crore. This significant boost from associates underscores the company's strategic investments and partnerships.
On a standalone basis, Hindusthan Udyog has shown a noteworthy turnaround, moving from a loss of Rs 28.82 crore to a profit of Rs 27.67 crore in the current quarter. This improvement indicates effective cost management and operational efficiency.
It's worth noting that Hindusthan Udyog Limited does not report any revenue from operations, generating income primarily from other sources. The increase in other income on a standalone basis from Rs 85.85 crore to Rs 131.81 crore year-on-year has significantly contributed to the company's profitability.
Financial Position
| Particulars (in Rs crore) | Q1 (Consolidated) | Q1 Previous Year (Consolidated) |
|---|---|---|
| Total Revenue | 131.81 | 85.85 |
| Total Expenses | 97.84 | 103.96 |
| Profit before tax | 963.76 | 1,613.99 |
| Net profit after tax | 957.46 | 1,603.28 |
| Earnings per share (Rs) | 15.46 | 25.88 |
Other Developments
In addition to the financial results, Hindusthan Udyog's Board of Directors has approved the re-appointment of Mr. B.K. Mawandia (DIN: 08770046) as an Independent Director for a term of five years, subject to shareholder approval at the upcoming Annual General Meeting.
The company has also appointed M/s. Vidhya Baid & Co., a Peer Reviewed Company Secretary firm, as the Secretarial Auditor for a period of five years.
These financial results and corporate actions reflect Hindusthan Udyog's focus on strengthening its governance structure while improving its financial performance. The company's ability to turn around its standalone operations and leverage its associate companies for significant profit contribution positions it well for future growth.
Historical Stock Returns for Hindustan Udyog
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -100.00% | 0.0% | 0.0% | 0.0% | 0.0% | -100.00% |
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