GG Engineering Q2 Results: Net Profit Rises 53% YoY On Strong Revenue Growth

GG Engineering is a small-cap company in the Capital Goods sector. The company has declared its financial results for the quarter ended 30th September 2023. The company said its revenue from operations stood at Rs 73.24 Cr in Q2FY24 up by 98.42% YoY from Rs 36.91 Cr reported in the year-ago quarter.

Its net expenses stood at Rs 72.20 Cr during the quarter under review up by 99.39% YoY from Rs 36.21 Cr in Q2FY23. Expenses incurred for the Right Issue (RI) during the quarter and half year that ended on September 30, 2023, totalling Rs 95.20 lakhs, were capitalised and adjusted from other equity. The net profit of GG Engineering surged by 53% YoY to Rs 0.75 Cr in Q2FY24 from Rs 0.49 Cr in Q2FY23.

"During the Quarter And Half year ended 30th September 2023 the company has raised fund through Right issue amounting to Rs 4988.20 Lakh through allotment of 4,98,20,215 Equity shares of face value of Rs.1 each Fully paid up shares," said the company in a statement.

"The company has disposed off Equity Investment in associate company i.e Teamo Producion HQ Limited ( Formerly Known as GI Engineering Limited) during the Quarter and Half year ended 30th September 2023, as a result of Investment of the company has reduced from 24.82% to 4.00% accordingly such entity ceases to exist as associates of M/s G G Engineering Limited.

Quarter and Half year ended 30th September 2023 does not include the figures of Teamo Productions HQ Limited due to sale of stake, hence requirement of preparation and presentation of consolidated financials not applicable on the company," informed GG Engineering to stock exchanges.

On Tuesday, the shares of GG Engineering were trading on the BSE at Rs 1.19 apiece down by 0.83% from the previous close. The stock reached a 52-week-high of Rs 1.80 on (07/12/2022) and a 52-week-low of Rs 0.74 on (31/03/2023).