The company informed that its arm has completed the acquisition of 51% shareholding of GMM Pfaudler JDS LLC by subscribing to 5,100 units granted for a consideration of $500,000 on 28 November 2022.

GMM Pfaudler US Inc has the exclusive and complete authority and discretion to manage the operations and affairs of the joint venture company.

The joint venture will help both the companies to further develop the high-margin service business and is expected to strengthen GMM Pfaudler's market position in the USA.

JDS Manufacturing Inc is based in USA having a turnover of $750,000 as on 31 December 2021.

GMM Pfaudler delivers corrosion-resistant technologies, systems, and services worldwide and remains the preferred choice by consistently providing its customers in the chemical and pharmaceutical industries with innovative and cost-effective solutions.

GMM Pfaudler reported a consolidated net profit (from continuing operations) of Rs 96.89 crore in Q2 FY22, steeply higher than Rs 38.80 crore posted in Q2 FY22. Revenue from operations jumped 20.52% YoY to Rs 780.05 crore in Q2 FY23.

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GMM Pfaudler announced that the company's wholly owned subsidiary, GMM Pfaudler US Inc., USA has incorporated a joint venture company with JDS Manufacturing Inc in USA named “GMM Pfaudler JDS LLC” and has completed the acquisition of 51% shareholding of GMM Pfaudler JDS LLC on 28 November 2022.

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HDFC Bank Ltd, IIFL Finance Ltd, Bank of Maharashtra, Housing Development Finance Corporation Ltd are among the other stocks to see a surge in volumes on BSE today, 18 November 2022.

GMM Pfaudler Ltd clocked volume of 97530 shares by 10:46 IST on BSE, a 8.49 times surge over two-week average daily volume of 11491 shares. The stock gained 0.45% to Rs.1,929.15. Volumes stood at 6374 shares in the last session.

HDFC Bank Ltd notched up volume of 23.63 lakh shares by 10:46 IST on BSE, a 5.83 fold spurt over two-week average daily volume of 4.05 lakh shares. The stock slipped 0.33% to Rs.1,612.00. Volumes stood at 2.4 lakh shares in the last session.

IIFL Finance Ltd witnessed volume of 1.03 lakh shares by 10:46 IST on BSE, a 2.36 times surge over two-week average daily volume of 43655 shares. The stock increased 3.96% to Rs.436.15. Volumes stood at 38221 shares in the last session.

Bank of Maharashtra witnessed volume of 51.7 lakh shares by 10:46 IST on BSE, a 2.23 times surge over two-week average daily volume of 23.17 lakh shares. The stock increased 9.52% to Rs.25.30. Volumes stood at 7.76 lakh shares in the last session.

Housing Development Finance Corporation Ltd clocked volume of 7.73 lakh shares by 10:46 IST on BSE, a 1.7 times surge over two-week average daily volume of 4.54 lakh shares. The stock lost 0.25% to Rs.2,652.35. Volumes stood at 50226 shares in the last session.

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Revenue from operations jumped 20.52% to Rs 780.05 crore in Q2 FY23 from Rs 647.24 crore recorded in the corresponding quarter previous year.

Consolidated profit before tax surged 82.2% to Rs 101.40 crore in Q2 FY23 from Rs 55.64 crore reported in the same quarter last year.

EBITDA stood at Rs 119 crore in quarter ended 30 September 2022, registering a growth of 27% from Rs 94 crore posted in Q2 FY22. EBITDA margin improved to 15.2% in Q2 FY23 as compared with 14.5% reported in the same period a year ago.

The company's order intake was at Rs 829 crore in Q2 FY23, up 6% YoY. Order backlog grew by 16.81% YoY to Rs 2,119 crore in Q2 FY23.

Commenting on the Company's Q2 results, Tarak Patel, managing director said, “Building on the strong start to the year we have delivered another strong performance this quarter. Our cost control measures, especially in Europe, have helped mitigate rising energy costs, however global uncertainties continue. Order intake and backlog numbers remain on track with all platforms showing good traction in our core as well as adjacent industries.”

He further added, “I am also pleased to announce that we have completed the acquisition of the balance 46% in GMM Pfaudler International S.à.r.l. (GMMI) and will now have 100% profits accrue from Q3 FY23.”

Meanwhile, the company's board approved payment of interim dividend at Rs 1 per share for the financial year 2022-23. The record date for the same is fixed on 14 November 2022 and the dividend will be paid on or on or before 30 November 2022.

GMM Pfaudler delivers corrosion-resistant technologies, systems, and services worldwide and remains the preferred choice by consistently providing its customers in the chemical and pharmaceutical industries with innovative and cost-effective solutions.

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