Submission of Unaudited Financial Results of the Company for the quarter ended 30th June, 2025
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Hardcastle & Waud Manufacturing Company reported Q1 FY26 revenue from operations of ₹194.32 lakh, up about 22% from ₹159.26 lakh in Q1 FY25, driven by stronger trading (₹43.18 lakh vs ₹23.01 lakh) and investment (₹94.91 lakh vs ₹82.74 lakh) segments. However, total expenses jumped sharply to ₹101.50 lakh from ₹64.15 lakh, mainly due to higher purchases of stock-in-trade and other expenses. Profit before tax was nearly flat at ₹104.32 lakh versus ₹106.53 lakh, while profit after tax fell about 32% to ₹77.07 lakh from ₹114.20 lakh, with EPS at ₹11.34 vs ₹16.81. The auditor's review report (Desai Saksena & Associates) issued an unmodified conclusion and noted that the Q1 FY25 comparative figures were reviewed/audited by the predecessor auditor, pointing to a change of statutory auditor.
While top-line growth is healthy, rising costs have squeezed margins and dragged down net profit by roughly a third year-on-year, which is a mild negative for shareholders in the near term. The auditor change is worth monitoring, though the clean (unmodified) review report suggests no immediate governance concerns.