Prime Industries Reports Q1 Results and Acquires Majority Stake in Agricultural Machinery Company

2 min read Updated on 02 Aug 2025, 01:30 PM

By ScanX News Team

Overview

Prime Industries announced Q1 FY2024 results with a 101.4% increase in net profit to Rs. 2.78 million, despite no revenue from operations. Total revenue, consisting entirely of other income, rose by 11.5% to Rs. 8.31 million. The company also acquired a 50.001% stake in LINGA AGRI TRADING AND MACHINERY PRIVATE LIMITED, marking its entry into the agricultural machinery sector.

*this image is generated using AI for illustrative purposes only.

Prime Industries has announced its unaudited financial results for the first quarter, along with a strategic acquisition in the agricultural machinery sector.

Financial Highlights

Prime Industries reported its financial performance for the quarter ended June 30:

Particulars (in Rs. millions)	Q1 Current	Q1 Previous	% Change
Revenue from Operations	0.00	0.00	0.0%
Other Income	8.31	7.45	11.5%
Total Revenue	8.31	7.45	11.5%
Total Expenses	4.59	5.61	-18.2%
Profit Before Tax	3.72	1.84	102.2%
Net Profit	2.78	1.38	101.4%
Earnings Per Share (Rs.)	0.13	0.09	44.4%

The company's total revenue for the quarter stood at Rs. 8.31 million, comprising entirely of other income, with no revenue from operations. This represents an 11.5% increase compared to the same quarter in the previous fiscal year.

Prime Industries managed to reduce its total expenses by 18.2% year-over-year, from Rs. 5.61 million to Rs. 4.59 million. This reduction in expenses, coupled with increased other income, led to a significant improvement in profitability.

The company's net profit for the quarter more than doubled, reaching Rs. 2.78 million, up from Rs. 1.38 million in the corresponding quarter of the previous year. This translates to a 101.4% increase in net profit. Consequently, the basic earnings per share (EPS) improved to Rs. 0.13, compared to Rs. 0.09 in the previous year's quarter.

Strategic Acquisition in Agricultural Machinery Sector

In a significant move to diversify its business interests, Prime Industries Limited has acquired a majority stake in LINGA AGRI TRADING AND MACHINERY PRIVATE LIMITED. The company has executed share purchase agreements to acquire a 50.001% equity stake, making LINGA AGRI TRADING AND MACHINERY PRIVATE LIMITED a subsidiary of Prime Industries.

The acquired company specializes in the manufacturing of various farm and agricultural machinery, implements, mechanical and scientific equipment, apparatuses, and devices, along with their spares and accessories. This strategic investment positions Prime Industries to enter the agricultural machinery sector, potentially opening up new revenue streams and growth opportunities.

The board meeting to approve these results and the acquisition was held on August 2, commencing at 12:00 Noon and concluding at 1:00 PM.

Prime Industries Limited continues to navigate a challenging business environment, focusing on financial stability and strategic growth opportunities. The acquisition of a majority stake in an agricultural machinery company represents a significant step in the company's efforts to diversify its business portfolio and tap into the agricultural sector's potential.

Historical Stock Returns for Prime Industries