Hardwyn India Announces Q1 Results - Check PAT, Revenue & Other Details

Hardwyn India has announced its earnings for the quarter that ended on June 30, 2023. Hardwyn India is a leading trader and manufacturer of architectural hardware and glass fittings.

The company in the first quarter reported a total income of Rs 27.05 crore as compared to Rs 26.60 crore during the period ended June 30, 2022.

Its net profit in the quarter increased by 15 per cent and came in at Rs 1 crore in the quarter as against a net profit of Rs 87 lakh in a year-ago period.

The company in a statement said that the result announced for June 2023 quarter includes results of Fiba Hardwyn Locks Private Limited. Fiba is a subsidiary company in which 33 per cent shareholding is held by holding company Hardwyn India Limited by way of Share Swap Agreement.

Earlier in June, Hardwyn India had said that the company will merge its subsidiary company FIBA Hardwyn Locks with itself. The proposed amalgamation will enable better focus, strategise and grow the businesses, to help retain and increase the competitive strength thereby directly and indirectly strengthening the reputation, goodwill, customer service, customer recall and distribution network, it had said in a statement.

Under the proposed amalgamation, the cash consideration will be provided to the eligible shareholders of the transferor company or the transferee company shall issue up to 26,48,00,880 equity shares to the eligible shareholders of the transferor company.

Hardwyn India manufactures stainless steel products for residential and commercial infrastructure projects. Its shares on Friday closed at Rs 40.60 on BSE.