GMM Pfaudler Ltd reported a steady rise in sales and profits for Q1 FY21. Company's consolidated net revenue rose by 2.77% YoY and stood at Rs 154.43 crore as against Rs 150.26 crore in the corresponding quarter of previous year.

Company's EBITDA dropped slightly by 0.36% YoY and stood at Rs 27.49 crore versus Rs 27.59 crore in Q1 FY20.

The consolidated net profit rose by 8.5% and stood at Rs 19.19 crore as compared to Q1 FY20, when it had reported Rs 17.69 crore. The net profit margin in Q1 FY21 came in at 12.43% which rose by 66bps yoy. The net profit margin for Q1FY20 was at 11.77%.

The company has announced a first interim dividend of Rs.1/- per share for the current financial year 2020-21.

GMM also approved the signing of definitive documents with De Dietrich Process Systems India Pvt. Ltd. (“DDPSI”) for itemized sale of their manufacturing facility at Hyderabad, Telangana. GMM had entered into a binding agreement with DDPSI on 30 June, 2020 for acquiring 100% stake at an agreed value of 6.25 million euros.

Commenting on the Company's performance for the quarter, Tarak Patel, Managing Director said "We are pleased to start the fiscal year on a positive note with a solid performance in this quarter. Despite external challenges related to the coronavirus pandemic and the subsequent nationwide lockdown, we were able to quickly ramp up our production activities and make a strong recovery. All our business lines continue to witness strong traction on the back of robust demand driven by the Chemical and Pharmaceutical industries. We are also pleased to announce that we have received approval to sign definitive documents with De Dietrich Process Systems India Pvt. Ltd. ("DDPSI") for the acquisition of their Glass Lined Equipment manufacturing facility in Hyderabad, Telangana which will help us further strengthen our presence in the region."