Walton profits Tk 202.07cr in first quarter of FY 2023-24

Walton Hi-Tech Industries PLC recorded profits in the first quarter, demonstrating consistent growth even in the face of challenging business conditions, such as global trade instability, the Russia-Ukraine war, economic recession, and geo-political crises.

The country's top electrical and electronics company listed in the engineering sector in the capital market made a profit of Tk 202.07 crore in the first quarter of the financial year 2023-24 (July 23- September 23).

Walton Hi-Tech's financial report for the first quarter of the current financial year from July to September 2023 has revealed this information.

It was disclosed after reviewing and approving the unaudited financial report for the period during the discussion at the 36th meeting of the Board of Directors of the company on Wednesday (October 25).

According to the report, the company's profit for the first three months up to September 30, 2023-2024 stood at Tk 202.07 crore.

Whereas the company incurred a loss of Tk 46.10 crore in the same period of the previous financial year.

Walton Hi-Tech has seen significant improvement in other financial indicators in addition to profit in the first quarter.

In the first quarter of the current financial year, the company's receivables collection, or the amount of money received from the debtors increased the operating profit margin.

Also, the company's earnings per share (EPS), and net asset value per share (NAVPS) increased.

On the other hand, the amount of financial loss caused by the decrease in the value of Bangladeshi currency against the US dollar has also decreased significantly during the discussion period.

According to the report, the earnings per share (EPS) of Walton in the first quarter of the current financial year was Tk 6.67 which was negative Tk 1.52 in the same period of the previous financial year.

At the end of the first quarter, the NAVPS of the company stood at Tk 248.88 excluding revaluation and Tk 350.40 including revaluation.

During the same period, the company's operating profit increased to 22.58 percent, which was 18.65 percent in the corresponding period of the previous fiscal year.

Net operating flow per share stood at Tk 16.68 in the first quarter.