Walton Hi-Tech Industries Plc, a listed engineering sector company in the capital market, has reported a remarkable surge in profits over the past year, showcasing robust and sustained growth under strong leadership. Sales of Walton products have witnessed a substantial increase this year, resulting in a significant rise in profits during the first nine months of the current accounting year (July 2023 to March 2024), compared to the corresponding period of the previous year. The company’s profit surged by Tk 512.42 crore, marking a remarkable 205% increase.
The company’s financial report for the current fiscal year from July 2023 to March 2024 unveiled this impressive performance, with the results being released after the 38th meeting of the company’s board of directors, where the unaudited financial report for the discussed period was reviewed and approved.
According to the published report, Walton Hi-Tech’s profit for the first nine months up to March 31 of the financial year 2023-24 amounted to Tk 762.34 crore, compared to Tk 249.91 crore in the same period of the previous financial year. This substantial increase reflects the company’s robust performance during the discussion period, with a growth rate of approximately 205%.
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Moreover, in the third quarter of the current fiscal year (January-March 2024), Walton’s profit reached Tk 421.98 crore, surpassing the Tk 235.55 crore recorded in the same period of the previous financial year.
In addition to increased sales, the company’s gross profit percentage has risen compared to the previous year, primarily due to a significant reduction in the cost of goods sold. Walton Hi-Tech has also shown significant improvements in other financial indicators, notably reducing financial losses resulting from the depreciation of the Bangladeshi currency against the US dollar. Consequently, the company’s net profit after tax has witnessed a substantial increase, along with improvements in earnings per share (EPS) and net asset value per share (NAVPS).
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The company’s EPS for the period ending March 31 of the current financial year stood at Tk 25.17, compared to Tk 8.25 in the same period of the previous financial year. At the time of the discussion, NAVPS was reported at Tk 258.22 without revaluation and Tk 359.68 with revaluation, while the net operating cash flow per share stood at Tk 22.88 during the discussed period.
Furthermore, the company’s financial expenses decreased significantly during the first nine months of the current financial year, with financial expenses against sales reducing to 6.14% from 14.79% during the same period of the previous year. Additionally, the financial loss from foreign exchange, attributable to the depreciation of the Bangladeshi currency against the US dollar, decreased substantially from Tk 392.73 crore to Tk 41.60 crore during the current fiscal year under discussion.
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Total financial expenditure during the period from July 2023 to March 2024 amounted to Tk 263.07 crore, down from Tk 604.79 crore in the same period of the previous financial year. Walton’s management remains optimistic about the company’s profitability in the final quarter (April-June 2024), indicating a strong outlook for continued growth and success.
