New Delhi: Engineers India Limited (EIL) has posted a rise of 25.68 percent in net profit on year-on-year basis in Q4 of FY 2022-23 at Rs 159 crore. In comparison, the company had recorded a PAT of Rs 126 crore in the Q4 of FY 2021-22. On a quarter-on-quarter basis, the PSU’s PAT has grown by 232 percent. Explaining the growth in the margins, EIL Chairperson and Managing Director Vartika Shukla said on Friday, “Some of our projects have achieved completion. We have achieved milestones where we have achieved our margins. More closure of jobs and significant achievements in commissioning of projects have all contributed towards the growth in the net profit of the company.”
Revenue from operations rose 7.5 percent year-on-year to Rs 866 crore in the March quarter of FY23. However, profit for the entire financial year 2022-23 remained almost unchanged at Rs 342 crore on a revenue of Rs 3,284 crore.
EIL’s total income of Rs 915 crore in Q4 of FY23 was higher by 7.22 percent in comparison to the total income recorded in the corresponding period of FY22 — Rs 854 crore. For the entire financial year, EIL’s total income saw a rise of 14.82 percent year-on-year at Rs 3,452 crore, up from Rs 3,007 crore recorded in FY22. “It is important that we are lean and cashflows are healthy,” said the CMD.
“More importantly, our trade receivables have gone down from 47 days to 39 days, which has strengthened our cash flows. This is the lowest figure on record for EIL since its inception,” she added.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)