The board of directors of the company at their meeting held on 20 February 2023, has approved capex of Rs 125 crore to set up a new manufacturing facility for ESBS through a wholly owned subsidiary or by the company at Gudipalli, Andhra Pradesh or any other appropriate location in South India, subject to the receipt of requisite approval,” the company stated in exchange filing.

The said CAPEX would enhance the existing capacity of 72,000 mtpa to 114,000 mtpa for ESBS division. It is expected that said CAPEX would be operational by 31 March 2024. It will be funded by a mix of internal accruals and debt.

Everest Industries is engaged in manufacturing and trading of building products like roofing products, boards and panels, other building products and accessories and manufacturing of components of pre engineered steel buildings and related accessories.

The company's consolidated net profit declined 30.9% to Rs 4.97 crore despite of 16.3% jump in net sales to Rs 392.35 crore in Q3 FY23 over Q3 FY22.

The scrip declined 1.73% to Rs 740.25 on the BSE.

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The Board of Everest Industries at its meeting held on 07 February 2023 has approved capex of Rs 187 crore to set up a new Boards and Panels plant through a wholly owned subsidiary or by the Company at KIADB Industrial Area at Chamarajanagar District, Karnataka(instead of Immavu Industrial Area, Mysuru District, Karnataka) subject to the receipt of requisite approvals.

The said CAPEX would enhance the existing capacity of 210,000 MTPA to 301,000 MTPA for Boards and Panels. It is expected that said CAPEX would be operational by 30 June 2024.

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Everest Industries announced the appointment of Amruta Avasare (Membership No: A18844) as a Company Secretary and the Compliance Officer (KMP) of the Company w.e.f. 01 April 2023. He will replace Neeraj Kohli, who would be retiring from the services of the Company w.e.f. close of working hours of 31 March 2023.

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Net profit of Everest Industries declined 30.88% to Rs 4.97 crore in the quarter ended December 2022 as against Rs 7.19 crore during the previous quarter ended December 2021. Sales rose 16.33% to Rs 392.35 crore in the quarter ended December 2022 as against Rs 337.26 crore during the previous quarter ended December 2021.

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