Profit before tax (PBT) jumped 55.1% year-on-year to Rs 23.02 crore in Q1 June 2022. EBITDA rose 58.6% to Rs 26.49 crore in Q1 FY23 as against Rs 16.70 crore in Q1 FY22.

Total expense climbed 34.9% YoY to Rs 73.45 crore in Q1 FY23. Cost of raw material consumed stood at Rs 59.31 crore (up 44.8% YoY) and employee expenses stood at Rs 7.58 crore (up 28.3% YoY).

Shivalik Bimetal Controls delivered sequential QoQ revenue growth at 10.01% in constant currency.

Among business segments, thermostatic bimetal/trimetal strips grew by 44.08% YoY to reach Rs. 49.06 crore and grew sequentially by 9.76% QoQ; while shunt resistors grew by 34.24% YoY to reach Rs. 48.60 crore and grew sequentially by 8.78% QoQ. In Q1FY23, revenues from thermostatic bimetal/trimetal strips compromised 49.09% of the total revenue, while shunt resistors accounted for 48.63% of overall revenues.

"Our strong overall performance in Q1FY23 amidst a tentative global economic environment is a testament to our innate resilience as an organization and our global industry-leading capabilities," said S. S. Sandhu, director & chairman. "The recent Covid disruption is leading all organisations to bolster their intellectual capitals. We too are taking strategic steps in investing in and rewarding our people to ensure long-term tenures and to better empower them to meet evolving market opportunities for the Company. This will help us sustain our journey for quality growth well into the future," he added.

Rajeev Ranjan, chief financial officer, added “We are strengthening the quality of our earnings by optimising various cost levers and driving efficiency in our operations. We are also focusing on our established clients' evolving needs in line with market trends, by making sure we remain technologically relevant. Higher volumes, coupled with tighter cost management has resulted into 53% YoY increase in our bottom line."

Shivalik Bimetal Controls is a process and product engineering specialised business. It manufactures and sells thermostatic bimetal/trimetal strips for switching components used in electrical, electronics, automotive, agricultural, medical, defence, and industrial applications. The company also makes shunt resistors for use in the high growth automotive and industrial equipment segments.