Mukul Agrawal Portfolio Stock Okays Raising Funds Up To Rs 700 Cr Via QIP

For over 56 years, PTC Industries Limited has produced premium engineering components for a range of key applications. More than 75% of PTC's products are exported to different nations worldwide, where they are purchased by well-known clients like Emerson, Siemens, GE, Alstom, Rolls-Royce, and Metso, among others. The portfolio stock of ace investor Mukul Mahavir Agrawal is likely to be in focus ahead as the Board of Directors on Saturday approved raising funds up to Rs 700 Cr via Qualified Institutions Placement (QIP).

"We wish to inform you that the Board of Directors of the Company, at its meeting held on today i.e July 13, 2024 has inter alia approved Raising of funds, aggregating up to Rs 700 Crores through Qualified Institutions Placement ("QIP") in terms of Chapter VI of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (the "ICDR Regulations") and/or any other permissible mode(s), in accordance with the ICDR Regulations and other applicable regulations, through public and/or private offerings of equity shares and/or any other convertible securities, in one or more tranches and/or one or more issuances simultaneously, subject to necessary approvals including the approval of the members of the Company and such other regulatory/ statutory approvals as may be required," said the company in a regulatory filing on 13th July.

Earlier this month on 6th July, the Board of Directors of PTC Industries approved the re-appointment of Vishal Mehrotra as an independent director for a second consecutive term of five years with effect from the date of completion of the first term, subject to the approval of the Shareholders of the company by means of a special resolution and also the Board considered and approved the appointment of Kamesh Gupta as an independent director of the company for a term of five years with effect from approval of the shareholders.

The company's total income jumped by 22.0% YoY to Rs. 765.0 Mn in Q4FY24 from Rs. 626.9 Mn in Q4FY23. The total income for FY24 climbed by 19.2% YoY to Rs. 2,702.6 million from Rs. 2,267.3 million in FY23. EBITDA for FY24 amounted to Rs. 860.5 Mn as against Rs. 661.1 Mn in FY23, a 30.1% YoY build-up with an EBITDA margin of 31.8% in FY24; EBITDA remained at Rs. 259.5 Mn in Q4FY24 as opposed to Rs. 189.4 Mn in Q4FY23, an improvement of 37.0% YoY with an EBITDA Margin of 33.9% in Q4FY24. PAT surged by 59.9% YoY to Rs. 147.2 Mn in Q4FY24 from Rs. 92.0 Mn in the same quarter of FY23; which is a noteworthy gain. In FY24, PAT jumped by 63.5% YoY to Rs. 422.2 Mn from Rs. 258.2 Mn in FY23.

Commenting on the growth outlook of the company, Sachin Agarwal, Chairman & Managing Director, said "Our dedication to excellence is evident in our focus towards sustainable manufacturing and establishing a world-class infrastructure for manufacturing of titanium and super alloy materials in India. The construction of our new facility, the Strategic Materials Technology Complex is on track, aligning our progress with our vision for achieving Parity."

During the quarter ended 31st March 2024, ace investor Mukul Mahavir Agrawal held 1,67,000 equity shares of the company in his portfolio which is 1.16% fully paid up share capital of PTC Ind.