Precision Electronics Limited , a player in the telecom and infra services sector, has announced its financial results for the quarter and year ended March 31, 2024, showcasing significant improvement in its performance.

Annual Performance Highlights

The company reported a substantial increase in total income for the fiscal year 2024, reaching Rs 4,764.00 lakh, up from Rs 3,617.00 lakh in the previous year. This represents a year-over-year growth of approximately 31.71%. More impressively, Precision Electronics saw a dramatic surge in net profit, which stood at Rs 146.00 lakh for FY 2024, compared to just Rs 1.00 lakh in the prior year.

Q4 FY 2024 Results

For the quarter ended March 31, 2024, Precision Electronics Limited posted strong results:

• Total income: Rs 1,390.00 lakh
• Net profit: Rs 156.00 lakh

Segment-wise Performance

The company operates in two primary segments:

1. Telecom
2. Infra services

The telecom segment emerged as the major revenue generator, contributing Rs 4,483.00 lakh to the company's annual revenue.

Financial Position

Precision Electronics' balance sheet showed improvement, with total assets increasing to Rs 4,523.00 lakh as of March 31, 2024, up from Rs 3,868.00 lakh in the previous year, indicating a growth of about 16.93%.

Audit Opinion

It's worth noting that the auditors have issued an unmodified opinion on the financial statements, which suggests that the financial reports are free from material misstatements and are in accordance with the applicable financial reporting framework.

Conclusion

The financial results for Precision Electronics Limited reflect a year of significant growth and improved profitability. The substantial increase in net profit, from Rs 1.00 lakh to Rs 146.00 lakh, highlights the company's enhanced operational efficiency and market performance. The growth in total income and assets further underscores the company's expanding business operations, particularly in its telecom segment.

Note: All figures are in Rs lakh

These results suggest that Precision Electronics Limited has navigated the fiscal year 2024 with strategic focus, resulting in improved financial health and market position.

Precision Electronics , a leading provider of Tactical Infrastructure and Defence solutions, has announced its financial results for the first quarter, showcasing significant revenue growth despite reporting a net loss.

Financial Highlights

The company reported a substantial increase in revenue from operations, which rose to Rs. 2,226.35 crore, marking a remarkable 209% year-over-year growth from Rs. 719.47 crore in the same quarter last year. However, Precision Electronics posted a net loss of Rs. 28.27 crore for the quarter, an improvement from the loss of Rs. 179.66 crore in the previous year's corresponding quarter.

The company's total expenses for the quarter stood at Rs. 2,276.87 crore, compared to Rs. 930.94 crore in the corresponding quarter of the previous year.

Operational Performance

Precision Electronics' Tactical Infrastructure segment, comprising Telescopic Masts, Tripods, and Pan-Tilt Units, has maintained its strong growth trajectory. The company reported that this segment has nearly doubled its revenue each year since FY2022-23, driven by increasing domestic demand from India's Make in India and Atmanirbhar Bharat initiatives in the Security and Defence sectors.

In a significant achievement, a military force from a major Western nation has selected Precision Electronics' Tactical Infra systems over products from established European and American manufacturers, validating the company's engineering excellence and global competitiveness.

Order Book and Future Outlook

As of August 15, Precision Electronics has secured an order book of Rs. 56 crore for execution during the current financial year. The company has received orders from both local and global customers in the Aerospace & Defence segment, although specific details were not disclosed due to confidentiality clauses and commercial sensitivity.

To support its growth, Precision Electronics is expanding its production capacity by taking an additional 7,000 sq. meters of space at Sector 58, Ballabhgarh, Haryana. Production at this new facility is slated to start by October, which is expected to enable faster order turnaround and enhance profitability.

Corporate Updates

The Board of Directors has made several key decisions and appointments:

1. Re-appointment of Ms. Preeti Grover as an Independent Director for a second term of five years, from September 24 to September 23, subject to shareholder approval.

2. Appointment of Mr. Punit Amarpalsingh Bajaj as the Company Secretary and Compliance Officer, effective August 6.

3. Appointment of M/s. Yogesh Saluja & Associates as Secretarial Auditors for five years, subject to shareholder approval.

The 46th Annual General Meeting of the company is scheduled for September 22, to be held through video conferencing.

Commenting on the results, the management of Precision Electronics stated, "Our Q1 performance reflects the strength of our strategy and the growing trust in Indian manufacturing for defence applications. The consistent growth in our Tactical Infrastructure business, combined with the traction in our new Aerospace & Defence machining vertical, sets the stage for a strong and diversified growth path ahead."

As Precision Electronics continues to focus on indigenously designed and manufactured solutions aligned with national priorities for defence self-reliance, investors and stakeholders will be watching closely to see how the company translates its growing order book and expanded production capacity into improved financial performance in the coming quarters.