Aeroflex Industries (AEROFLEX) Q4 19/20 earnings summary

Executive summary

• FY20 revenue from operations was ₹1,443.41m versus ₹1,404.25m in FY19; profit after tax fell to ₹47.15m from ₹70.85m.

• The stainless-steel flexible hose and assemblies business maintained its industry leadership amid a challenging operating environment; the product category represented 100% of turnover.

Financial highlights

• Total income was ₹1,449.37m versus ₹1,404.51m; profit before tax was ₹35.81m versus ₹49.72m.

• Profit before exceptional items and tax rose to ₹71.54m from ₹49.72m; FY20 exceptional items included a ₹19.90m asset-sale gain, ₹17.46m impairment and ₹38.16m foreign-exchange loss.

• FY20 tax expense was reported as a ₹11.33m benefit; profit after tax was ₹47.15m versus ₹70.85m in FY19.

Segment performance

• Stainless-steel hose products, with or without braiding, and assemblies accounted for 100% of turnover; no other business activity is indicated as a material contributor.

• Leadership position was consolidated during the year, with improved standing in key competitive markets across India.