India’s largest private bitumen player posts 22% rise in Q3 net profit

Image Source : FILE/PTI File Photo for representation only.

Agarwal Industrial Corporation Limited has released its third quarter result for the financial year 2022-23. The company in the December quarter of FY23 reported 45.42 per cent year-on-year (YoY) jump in its consolidated revenue from operations at Rs 553.90 crore, according to a regulatory filing.

Its EBIDTA (earnings before interest, taxes, depreciation and amortization) margin increased by 19.18 per cent at Rs 39.80 crore while PAT (profit after tax) stood at Rs 26.43 crore with an increase of 27.91 per cent.

Agarwal Industrial Corporation is the largest private sector player in bitumen sector. The company recently inducted two Specialized Bitumin Vessels with a total capacity of 12,574 MTs taking the total count of its Vessel Family to 8 and total carrying capacity to 51,574 MTs.

ALSO READ: IRB Infra’s Q3 net profit doubles to Rs 141 crore; stock to split 10:1

The company primarily belongs to the ancillary infra industry and is engaged in the business of manufacturing and trading bitumen and allied products used heavily in infrastructure projects.

Meanwhile, the government has increased the Ministry of Road Transport and Highways’ allocation by 36 per cent at Rs 2.7 lakh crore for the financial year 2023-24 to help the ministry meet the 25,000-km road development target announced in the 2022-23 Budget.

Latest Business News

Source link

Leave a Reply