HLE Glascoat Limited, engaged in the specialized business of manufacturing chemical process equipment, filtration, drying and glass lined equipment markets, announced its Unaudited financial results for the quarter ended 30th June,2023.

HLE Glascoat has posted net profit of Rs. 9.28 crores for the period ended June 30, 2023 as against net profit of Rs. 22.78 crores for the period ended March 31, 2023. The company posted net profit Rs.15.38 crores for the period ended June 30, 2022. 

HLE Glascoat has reported total income of Rs. 197.86 crores during the period ended June 30, 2023 as compared to Rs. 301.28 crores during the period ended March 31, 2023. The company reported total income of Rs.207.92 crores during the period ended June 30, 2022.

Commenting on the Results, Himanshu Patel, Managing Director said, “Given the current scenario in the chemical and pharmaceutical industry, the dispatches during the quarter have seen some decline. Traditionally, the first quarter of the financial year tends to be impacted by similar trends every year. However, the order-booking is showing an extremely encouraging trend leading to high confidence of improved performance during the coming quarters.

“On a positive note, there are multiple developments in the company worth highlighting. We are ready to launch Thaletec products in India and the initial response is quite encouraging. We have also successfully forayed into the North American market with an order book of over US$ 9.5 million as of July end. We have also expanded our product portfolio with the successful launch of Stainless-Steel reactors in the Indian market.

“In a significant move, we are excited to announce the acquisition of 'Kinam Engineering Industries’, a renowned manufacturer specializing in various types of multiple types of Heat Exchangers. This strategic acquisition aligns perfectly with our expansion strategy, aiming to diversify our product portfolio with new technologies. It further solidifies our position as an industry leader, dedicated to producing innovative and specialized process equipment, bespoke solutions, and cutting-edge systems. We thank all the stakeholders in supporting us in this growth journey as we continue to deliver the goal to become a preferred partner to the Chemical and Pharmaceutical Industry.”