Precision Wires India Ltd Share Price – NSE  /  BSE

Non Ferrous Metals, Small Cap

Precision Wires India announced that the Board of Directors of the Company at its meeting held on 8 February 2024, inter alia, have recommended the interimdividend of Rs 0.3 per equity Share (i.e. 30%) , subject to the approval of the shareholders.

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Net profit of Precision Wires India rose 19.22% to Rs 18.05 crore in the quarter ended December 2023 as against Rs 15.14 crore during the previous quarter ended December 2022. Sales rose 14.45% to Rs 799.51 crore in the quarter ended December 2023 as against Rs 698.54 crore during the previous quarter ended December 2022.

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Profit before tax in Q3 FY23 stood at Rs 24.95 crore, up by 18.75% from Rs 21.01 crore in Q3 FY22.

Total expenses stood at Rs 779.88 (up 14.24% YoY), cost of raw material consumed was at Rs 763.19 crore (up 15.87% YoY), power and fuel cost stood at Rs 8.79 crore (up 4.27% YoY).

Meanwhile, the board has approved second interim dividend of Rs 0.30 per equity share and record date is fixed as 20 February 2024.

Further, the company’s board approved re-appointment of Milan Mehta as managing director and vice chairman for for a further period of three years, i.e. from 1 April 2024 to 31 March 2027.

Lastly, the board of directors has approved the expansion cum modernization project for an estimated additional installed capacity of approximately 6000 MT/per year for various types of winding wires and about 8500 MT/per year of copper rods/ bare copper strips to be implemented at Silvassa in DNH and in Gujarat, at an estimated cost of project at Rs 63 crore plus GST as applicable.

Precision Wires India is engaged in manufacturing of enamelled round and rectangular copper winding wires, continuously transposed conductor (CTC) and paper/mica/nomex insulated copper conductor (PICC) which are used by the electrical/electronics industries.

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Precision Wires India will hold a meeting of the Board of Directors of the Company on 8 February 2024.

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