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Results
10-Feb-24
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Analysis
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Tega Industries
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Lower operating profit
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Tega Industries consolidated net sales increased 14.57% to Rs 340.2 crore
in Q3FY24 compared to Q3FY23. Sales of
Consumables segment has gone down 3.79% to Rs 285.69 crore (accounting for
83.55% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has slumped
16.68% to Rs 56.07 crore. PBIT of
Consumables segment fell 26.58% to Rs 49.41 crore (accounting for 88.12% of
total PBIT).
PBIT margin of Consumables segment fell from 22.66% to 17.29%. Overall PBIT margin fell from 22.66% to
16.40%.
Operating profit margin has declined from 22.66% to 16.49%, leading to
16.64% decline in operating profit to Rs 56.09 crore. Raw material cost as a % of total sales (net
of stock adjustments) increased from 44.13% to 46.53%. Employee cost increased from 13.57% to
16.07%. Other expenses rose from 19.21%
to 21.96%.
Other income fell 38.22% to Rs 6.53 crore.
PBIDT fell 19.57% to Rs 62.62 crore.
Provision for interest rose 47.54% to Rs 7.51 crore.
PBDT fell 24.27% to Rs 55.11 crore.
Provision for depreciation rose 34.85% to Rs 13.97 crore.
Profit before tax down 34.08% to Rs 41.14 crore. Share of profit/loss was 22.52% lower at Rs
0.86 crore. Provision for tax was
expense of Rs 6.38 crore, compared to Rs 15.15 crore. Effective tax rate was 15.19% compared to
23.85%.
Minority interest was nil in both the periods. Net profit attributable to owners of the
company decreased 26.36% to Rs 35.62 crore.
Promoters’ stake was 74.88% as of 31 December 2023 ,compared to 79.17% as
of 31 December 2022 .
For year-to-date (YTD)
results analysis
Net sales (including other operating income) of Tega Industries has
increased 20.57% to Rs 985.74 crore.
Sales of Consumables segment has gone up 2.89% to Rs 841.17 crore
(accounting for 85.09% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has jumped
5.72% to Rs 177.18 crore. PBIT of
Consumables segment fell 3.27% to Rs 162.11 crore (accounting for 91.50% of total
PBIT).
PBIT margin of Consumables segment fell from 20.50% to 19.27%. Overall PBIT margin fell from 20.50% to
17.92%.
Operating profit margin has declined from 20.50% to 17.97%, leading to
5.69% rise in operating profit to Rs 177.13 crore. Raw material cost as a % of total sales (net
of stock adjustments) increased from 43.65% to 45.25%. Employee cost increased from 14.57% to
15.72%. Other expenses rose from 21.51%
to 21.96%.
Other income rose 28.28% to Rs 18.01 crore.
PBIDT rose 7.44% to Rs 195.14 crore.
Provision for interest rose 64.90% to Rs 24.62 crore.
PBDT rose 2.29% to Rs 170.52 crore.
Provision for depreciation rose 41.80% to Rs 41.32 crore.
Profit before tax down 6.08% to Rs 129.20 crore. Share of profit/loss was 4.73% lower at Rs
2.82 crore. Provision for tax was
expense of Rs 27.65 crore, compared to Rs 33.75 crore. Effective tax rate was 20.94% compared to
24.02%.
Minority interest was nil in both the periods. Net profit attributable to owners of the
company decreased 2.25% to Rs 104.37 crore.
Promoters’ stake was 74.88% as of 31 December 2023 ,compared to 79.17% as
of 31 December 2022 .
The scrip is currently trading at Rs 1099
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Tega Industries : Consolidated
Results
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Particulars
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2312 (03)
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2212 (03)
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Var.(%)
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2312 (09)
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2212 (09)
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Var.(%)
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2303 (12)
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2203 (12)
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Var.(%)
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Net Sales
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340.2
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296.93
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15
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985.74
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817.57
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21
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1213.97
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951.76
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28
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OPM (%)
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16.5
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22.7
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18.0
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20.5
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22.3
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19.2
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OP
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56.09
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67.29
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-17
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177.13
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167.59
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6
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270.42
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182.85
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48
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Other Inc.
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6.53
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10.57
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-38
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18.01
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14.04
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28
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20.68
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24.2
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-15
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PBIDT
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62.62
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77.86
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-20
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195.14
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181.63
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7
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291.1
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207.05
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41
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Interest
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7.51
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5.09
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48
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24.62
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14.93
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65
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18.12
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16.2
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12
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PBDT
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55.11
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72.77
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-24
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170.52
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166.7
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2
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272.98
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190.85
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43
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Depreciation
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13.97
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10.36
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35
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41.32
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29.14
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42
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41.2
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38.7
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6
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PBT
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41.14
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62.41
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-34
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129.2
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137.56
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-6
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231.78
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152.15
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52
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Share of Profit/(Loss) from Associates
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0.86
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1.11
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-23
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2.82
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2.96
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-5
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4.32
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2.82
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53
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PBT before EO
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42
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63.52
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-34
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132.02
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140.52
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-6
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236.1
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154.97
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52
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EO Income
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0
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0
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0
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0
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0
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0
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PBT after EO
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42
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63.52
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132.02
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140.52
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236.1
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154.97
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Taxation
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6.38
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15.15
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-58
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27.65
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33.75
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-18
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52.07
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38.07
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37
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PAT
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35.62
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48.37
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-26
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104.37
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106.77
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-2
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184.03
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116.9
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57
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Minority Interest (MI)
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0
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0
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0
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0
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0
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0
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Net profit
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35.62
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48.37
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-26
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104.37
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106.77
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-2
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184.03
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116.9
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57
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EPS (Rs)*
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#
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#
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#
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#
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27.7
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17.6
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Notes
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* EPS is on current equity of Rs 66.29 crore, Face value of Rs
10, Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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EO : Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate Database
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Tega Industries : Consolidated
Segment Results
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% of (Total)
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2312 (03)
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2212 (03)
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Var.(%)
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% of (Total)
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2312 (09)
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2212 (09)
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Var.(%)
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% of (Total)
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2303 (12)
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2203 (12)
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Var.(%)
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Sales
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Consumables
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84
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285.69
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296.93
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-4
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85
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841.17
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817.57
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3
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97
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1177.59
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951.76
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24
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Equipments
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16
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56.23
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0.00
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15
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147.45
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0.00
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3
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36.76
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0.00
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Total Reported Sales
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100
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341.92
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296.93
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15
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100
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988.62
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817.57
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21
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100
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1214.35
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951.76
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28
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Less: Inter segment revenues
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1.72
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0.00
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-
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2.89
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0.00
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-
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0.38
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0.00
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-
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Net Sales
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340.20
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296.93
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15
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985.74
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817.57
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21
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1213.97
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951.76
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28
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PBIT
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Consumables
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88
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49.41
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67.30
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-27
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91
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162.11
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167.59
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-3
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97
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263.07
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182.86
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44
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Equipments
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12
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6.66
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0.00
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28
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9
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15.06
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0.00
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28
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3
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7.52
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0.00
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28
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Total PBIT
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100
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56.07
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67.30
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-17
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100
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177.18
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167.59
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6
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100
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270.59
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182.86
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48
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Less : Interest
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7.51
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5.09
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48
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24.62
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14.93
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65
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18.12
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16.20
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12
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Add: Other un-allcoable
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-6.56
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1.31
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-601
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-20.53
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-12.14
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69
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-16.38
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-11.68
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40
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PBT
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42.00
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63.52
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-34
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132.03
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140.52
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-6
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236.10
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154.97
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52
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Previous News |
Tega Industries
(
Results
-
Analysis
31-Jan-23
19:47
)
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Tega Industries
(
Results
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Analysis
31-May-23
20:56
)
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Tega Industries
(
Results
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Analysis
12-Aug-23
08:23
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Tega industries
(
Analyst Meet / AGM
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Analyst Meet
31-Jan-23
21:52
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Tega Industries announces resignation of CFO
(
Corporate News
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09-Jan-23
18:35
)
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Tega Industries consolidated net profit rises 56.76% in the September 2022 quarter
(
Results
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Announcements
11-Nov-22
17:08
)
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Tega industries
(
Analyst Meet / AGM
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Conference Call
10-Feb-24
08:37
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Tega Industries slides as CFO Manoj Agarwal resings
(
Hot Pursuit
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10-Jan-23
11:43
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Tega Inds subsidiary inks service supply contract with NMDC
(
Hot Pursuit
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27-Jun-24
16:26
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Tega Industries standalone net profit declines 64.63% in the December 2021 quarter
(
Results
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Announcements
11-Feb-22
18:09
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Tega Industries' foreign subsidiary enters into agreement with largest copper mine in Europe
(
Corporate News
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11-Aug-23
13:01
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