Azad Engineering Q3 Profit Rises To Rs 16.8 Crore

Hyderabad-based Azad Engineering on Tuesday reported more than three-fold increase in Profit After Tax at Rs 16.8 crore for the three months ended December 2023.

The company had posted a PAT of Rs 3.83 crore in the year-ago period, according to a statement.

The revenue from operations in the third quarter of the current fiscal rose 49% to Rs 89.23 crore from Rs 68.8 crore in the same period a year ago.

The company's energy segment accounted for 81% of the total revenue while aerospace and defence business contributed 17%.

The exports revenue accounted for 88%.

"We delivered 49% Year-on-Year revenue growth in both Q3 FY24 and 9M FY24. This growth is marked by a 3x YoY growth in our aerospace and defense segment."

"In the coming years, we expect this business will contribute to our revenues on par with the energy segment, with oil and gas coming in second," Rakesh Chopdar Chairman & CEO of Azad Engineering, said.

The company made its debut on the stock exchanges last month.

"The IPO has resulted in a strengthening of our balance sheet, which will contribute to better profitability through the reduction of interest costs and will also bolster our growth," he said.