HLE Glascoat shares hit 20% lower circuit after Q1 profit plunges 81%

$HLEGLAS coat shares crashed to the 20% lower circuit on Tuesday, settling at Rs 379.60 on the NSE, after the company reported a sharp drop in June-quarter net profit. Profit fell 81% year-on-year to Rs 3 crore from Rs 16.41 crore, and declined 83% sequentially from Rs 18 crore in the March quarter. Revenue rose 6% YoY to Rs 301 crore but dropped 23% quarter-on-quarter from Rs 392 crore. Management blamed geopolitical uncertainties and global economic volatility for delayed order acceptances, particularly in the heat transfer segment. However, Managing Director Himanshu K. Patel noted early signs of recovery in the latter half of the quarter, with improving customer enquiries and deferred projects moving forward. The order book stood at Rs 662 crore as of June 30 and rose to Rs 714 crore by July 31, offering visibility for coming quarters.