Sandhu committed to resilience through operational excellence
New Delhi’s Shivalik Bimetal Controls Limited is prepared to meet the burgeoning demand signalled by global clients, said chairman S.S. Sandhu in the company’s latest financial report.
Shivalik reported mixed sentiments, saying the American and European markets had experienced declines of 15.33% and 36.18% in sales, respectively, while the Asia region showcased resilience with a dip of 0.38% YoY for Q3FY24.
“As the Europe and Americas markets recover, we are prepared,” underlined Sandhu.
“Our pursuit for sustained growth includes efforts to strengthen our silver contacts segment through potential partnerships with reputable global players, as mentioned during Q3FY24,” he said on 7 Feb at the released of Shavlik results for Q3FY24 and 9MFY24.
“We are committed to resilience through operational excellence and by also growing our position through domestic demand.
“Additionally, the Board is pleased to declare an interim dividend at 35% i.e. Rs. 0.70/- per equity share on 57,604,200 equity shares of Rs. 2/- (Rupees Two) each in Q3FY24.”
As per CFO Rajeev Ranjan, “The company is strategically positioned for long-term growth, underpinned by a healthy balance sheet and robust financial performance as we move into the next quarter.
“With the OECD projecting steady global GDP growth and Asia remaining a key driver, we anticipate a rebound in global demand towards the financial year-end.
“Our balance sheet remains solid, with Rs.25 crore in cash and equivalents and Rs.68 crore generated from operations in 9MFY24, demonstrating strong cash flow and effective capital management.”
Total income for Q3FY24 was up 4.31% at Rs.112.17 crore, and for nine months it was up 8.88% at Rs.337.64 crore.
Profit after tax was down 12.71% at Rs.15.92 crore for Q3 but up 3.56% at Rs.55.64 crore for 9MFY23. fiinews.com
