Reported Earnings • May 29
Full year 2026 earnings released: ₹15.07 loss per share (vs ₹7.36 loss in FY 2025) Full year 2026 results: ₹15.07 loss per share (further deteriorated from ₹7.36 loss in FY 2025). Revenue: ₹8.44b (up 5.1% from FY 2025). Net loss: ₹333.2m (loss widened 105% from FY 2025). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Annuncio • May 19
UCAL Limited to Report Q4, 2026 Results on May 27, 2026 UCAL Limited announced that they will report Q4, 2026 results on May 27, 2026 New Risk • Mar 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (6.3% operating cash flow to total debt). Earnings have declined by 68% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.9% average weekly change). Market cap is less than US$100m (₹1.79b market cap, or US$18.9m). Reported Earnings • Feb 14
Third quarter 2026 earnings released: ₹4.38 loss per share (vs ₹2.86 profit in 3Q 2025) Third quarter 2026 results: ₹4.38 loss per share (down from ₹2.86 profit in 3Q 2025). Revenue: ₹2.00b (down 1.6% from 3Q 2025). Net loss: ₹96.9m (down 253% from profit in 3Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Annuncio • Feb 03
UCAL Limited to Report Q3, 2026 Results on Feb 12, 2026 UCAL Limited announced that they will report Q3, 2026 results at 9:15 AM, Indian Standard Time on Feb 12, 2026 New Risk • Jan 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (8.0% operating cash flow to total debt). Earnings have declined by 56% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (₹2.86b market cap, or US$31.6m). Reported Earnings • Nov 11
Second quarter 2026 earnings released: ₹2.02 loss per share (vs ₹0.22 profit in 2Q 2025) Second quarter 2026 results: ₹2.02 loss per share (down from ₹0.22 profit in 2Q 2025). Revenue: ₹2.11b (flat on 2Q 2025). Net loss: ₹44.7m (down ₹49.6m from profit in 2Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Annuncio • Oct 27
UCAL Limited to Report Q2, 2026 Results on Nov 10, 2025 UCAL Limited announced that they will report Q2, 2026 results at 9:15 AM, Indian Standard Time on Nov 10, 2025 Reported Earnings • Aug 14
First quarter 2026 earnings released: ₹2.72 loss per share (vs ₹1.14 loss in 1Q 2025) First quarter 2026 results: ₹2.72 loss per share (further deteriorated from ₹1.14 loss in 1Q 2025). Revenue: ₹1.97b (up 5.5% from 1Q 2025). Net loss: ₹60.1m (loss widened 139% from 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. Annuncio • Aug 13
UCAL Limited, Annual General Meeting, Sep 29, 2025 UCAL Limited, Annual General Meeting, Sep 29, 2025. Annuncio • Aug 05
UCAL Limited to Report Q1, 2026 Results on Aug 13, 2025 UCAL Limited announced that they will report Q1, 2026 results on Aug 13, 2025 Reported Earnings • May 31
Full year 2025 earnings released: ₹7.36 loss per share (vs ₹11.42 loss in FY 2024) Full year 2025 results: ₹7.36 loss per share (improved from ₹11.42 loss in FY 2024). Revenue: ₹8.24b (up 14% from FY 2024). Net loss: ₹162.8m (loss narrowed 36% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 117 percentage points per year, which is a significant difference in performance. Annuncio • May 26
UCAL Limited to Report Q4, 2025 Results on May 30, 2025 UCAL Limited announced that they will report Q4, 2025 results on May 30, 2025 Annuncio • Mar 13
UCAL Limited Announces Resignation of Lakshminarayanan Priyadarshini as Non-Executive Independent Director and the Member of Audit Committee, NRC Committee and Corporate Social Responsibility Committee UCAL Limited announced that Ms.Lakshminarayanan Priyadarshini, Non-executive Independent Director on the Board of the Company, vide her letter dated 13h March, 2025, tendered her resignation as Non-executive Independent Director of the Company with effect from the close of business hours of 13th March, 2025 due to her other pre-occupations and consequently, she also ceases to be the Member of Audit Committee, NRC Committee and Corporate Social Responsibility Committee of the Board. Reported Earnings • Feb 15
Third quarter 2025 earnings released: EPS: ₹2.86 (vs ₹0.39 loss in 3Q 2024) Third quarter 2025 results: EPS: ₹2.86 (up from ₹0.39 loss in 3Q 2024). Revenue: ₹2.19b (up 17% from 3Q 2024). Net income: ₹63.2m (up ₹72.0m from 3Q 2024). Profit margin: 2.9% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 115 percentage points per year, which is a significant difference in performance. Annuncio • Feb 05
UCAL Limited to Report Q3, 2025 Results on Feb 14, 2025 UCAL Limited announced that they will report Q3, 2025 results on Feb 14, 2025 New Risk • Dec 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.6x net interest cover). Earnings have declined by 40% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Market cap is less than US$100m (₹4.52b market cap, or US$52.8m). Board Change • Nov 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Non-Executive Independent Director Inala Rao was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Nov 13
Second quarter 2025 earnings released: EPS: ₹0.22 (vs ₹0.67 loss in 2Q 2024) Second quarter 2025 results: EPS: ₹0.22 (up from ₹0.67 loss in 2Q 2024). Revenue: ₹2.15b (up 23% from 2Q 2024). Net income: ₹4.87m (up ₹19.7m from 2Q 2024). Profit margin: 0.2% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 121 percentage points per year, which is a significant difference in performance. Annuncio • Oct 31
UCAL Limited to Report Q3, 2024 Results on Nov 12, 2024 UCAL Limited announced that they will report Q3, 2024 results on Nov 12, 2024 New Risk • Sep 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.3x net interest cover). Earnings have declined by 38% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Market cap is less than US$100m (₹4.31b market cap, or US$51.6m). Reported Earnings • Aug 15
First quarter 2025 earnings released: ₹1.14 loss per share (vs ₹2.19 loss in 1Q 2024) First quarter 2025 results: ₹1.14 loss per share (improved from ₹2.19 loss in 1Q 2024). Revenue: ₹1.89b (up 2.7% from 1Q 2024). Net loss: ₹25.1m (loss narrowed 48% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 115 percentage points per year, which is a significant difference in performance. Annuncio • Aug 01
UCAL Limited to Report Q1, 2025 Results on Aug 14, 2024 UCAL Limited announced that they will report Q1, 2025 results on Aug 14, 2024 Annuncio • Jul 30
UCAL Limited, Annual General Meeting, Sep 27, 2024 UCAL Limited, Annual General Meeting, Sep 27, 2024. Reported Earnings • May 30
Full year 2024 earnings released: ₹11.42 loss per share (vs ₹0.39 profit in FY 2023) Full year 2024 results: ₹11.42 loss per share (down from ₹0.39 profit in FY 2023). Revenue: ₹7.35b (down 11% from FY 2023). Net loss: ₹252.6m (down ₹261.1m from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 15
Third quarter 2024 earnings released: ₹0.39 loss per share (vs ₹0.11 profit in 3Q 2023) Third quarter 2024 results: ₹0.39 loss per share (down from ₹0.11 profit in 3Q 2023). Revenue: ₹1.95b (down 2.0% from 3Q 2023). Net loss: ₹8.72m (down 460% from profit in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Annuncio • Feb 01
UCAL Limited to Report Q3, 2024 Results on Feb 14, 2024 UCAL Limited announced that they will report Q3, 2024 results on Feb 14, 2024 Reported Earnings • Nov 11
Second quarter 2024 earnings released: ₹0.67 loss per share (vs ₹3.36 profit in 2Q 2023) Second quarter 2024 results: ₹0.67 loss per share (down from ₹3.36 profit in 2Q 2023). Revenue: ₹1.74b (down 29% from 2Q 2023). Net loss: ₹14.9m (down 120% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Annuncio • Oct 28
UCAL Inaugurates Launch of New Product: Intake Throttle Valve UCAL announced a significant milestone in its ongoing commitment to excellence. It launched new product, the Intake Throttle Valve (ITV), for Commercial vehicle applications. The ITV line is equipped with cutting-edge automation technologies for zero defect supplies. Upcoming Dividend • Sep 15
Upcoming dividend of ₹2.00 per share at 1.5% yield Eligible shareholders must have bought the stock before 22 September 2023. Payment date: 28 October 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 1.5%. Within top quartile of Indian dividend payers (1.3%). Higher than average of industry peers (0.8%). Annuncio • Aug 30
UCAL Limited to Report Fiscal Year 2024 Results on May 30, 2024 UCAL Limited announced that they will report fiscal year 2024 results on May 30, 2024 Annuncio • Aug 29
UCAL Limited Proposes Final Dividend for the Financial Year Ended March 31, 2023 UCAL Limited at Annual General Meeting on September 29, 2023 proposed a final dividend of INR 2 per equity share having face value of INR 10 each on 2,21,13,625 equity shares be and is hereby declared for the financial year ended March 31, 2023 absorbing a sum of INR 4,42,27,250 and that the dividend be paid to those shareholders, whose name appear in the Company's Register of Members as on September 22, 2023 and the same be paid out of the profits of the Company for the financial year 2022-23. Annuncio • Aug 11
UCAL Limited, Annual General Meeting, Sep 29, 2023 UCAL Limited, Annual General Meeting, Sep 29, 2023. Reported Earnings • Aug 11
First quarter 2024 earnings released: ₹2.19 loss per share (vs ₹0.10 loss in 1Q 2023) First quarter 2024 results: ₹2.19 loss per share (further deteriorated from ₹0.10 loss in 1Q 2023). Revenue: ₹1.87b (down 3.4% from 1Q 2023). Net loss: ₹48.5m (loss widened ₹46.2m from 1Q 2023). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Annuncio • Jul 29
UCAL Limited to Report Q1, 2024 Results on Aug 10, 2023 UCAL Limited announced that they will report Q1, 2024 results on Aug 10, 2023 Annuncio • Jun 22
Ucal Fuel Systems Limited Announces Change in Management Ucal Fuel Systems Limited announced that Mr. V. Ramanathan has tendered his resignation as Chief Financial Officer due to personal reasons and the Board has accepted his resignation on 20 June 2023 and accordingly he will be relieved from his current responsibilities as Chief Financial Officer and Key Managerial Personnel with effect from the closing hours of 16 August 2023. The company also approved the appointment of Mr. Manikandan as the Chief Financial Officer with effect from 3rd August, 2023 and additionally, Mr. Manikandan will be designated as the Chief Financial Officer & Key Managerial Personnel of the Company, with effect from 17th August 2023, consequent to the resignation of Mr. V. Ramanathan, Chief Financial Officer and KMP with effect from the closing hours on 16 August, 2023. Mr. M. Manikandan is a qualified Chartered Accountant having membership no.231640 and a commerce post graduate. He has around 15 years of experience of which he has specialized experience of more than 11 years in all areas of Finance & Accounts. He possesses exceptional analytical skills and has managed multiple projects under deadline driven environment and has worked with Gujarat Heavy Chemicals Limited, a listed company having market cap of around INR 60,000 million. Annuncio • May 30
Ucal Fuel Systems Limited Recommends Final Dividend for the Financial Year 2022-23 Ucal Fuel Systems Limited announced that Board of Directors at its meeting held on 29 May 2023, recommended a Dividend of INR 2 per Equity Share of INR 10 each (20%) for Financial Year 2022-23. This Dividend is subject to the approval of Members at the ensuing 37 Annual General Meeting which will be held on or before September 30, 2023. The Book Closure for the purpose of payment of the Dividend for the Financial Year 2022-23 will be determined later. Reported Earnings • May 30
Full year 2023 earnings released: EPS: ₹0.39 (vs ₹15.78 in FY 2022) Full year 2023 results: EPS: ₹0.39 (down from ₹15.78 in FY 2022). Revenue: ₹8.32b (up 6.4% from FY 2022). Net income: ₹8.53m (down 98% from FY 2022). Profit margin: 0.1% (down from 4.5% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Annuncio • May 19
Ucal Fuel Systems Limited to Report Fiscal Year 2023 Results on May 29, 2023 Ucal Fuel Systems Limited announced that they will report fiscal year 2023 results at 12:15 PM, Indian Standard Time on May 29, 2023 Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: ₹0.11 (vs ₹1.27 in 3Q 2022) Third quarter 2023 results: EPS: ₹0.11 (down from ₹1.27 in 3Q 2022). Revenue: ₹1.99b (down 4.7% from 3Q 2022). Net income: ₹2.42m (down 91% from 3Q 2022). Profit margin: 0.1% (down from 1.3% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Annuncio • Jan 28
Ucal Fuel Systems Limited to Report Q3, 2023 Results on Feb 10, 2023 Ucal Fuel Systems Limited announced that they will report Q3, 2023 results at 12:15 PM, Indian Standard Time on Feb 10, 2023 Buying Opportunity • Jan 25
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ₹156, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years. Earnings per share has grown by 18%. Buying Opportunity • Jan 10
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 2.5%. The fair value is estimated to be ₹157, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years. Earnings per share has grown by 18%. Reported Earnings • Nov 08
Second quarter 2023 earnings released: EPS: ₹3.36 (vs ₹4.53 in 2Q 2022) Second quarter 2023 results: EPS: ₹3.36 (down from ₹4.53 in 2Q 2022). Revenue: ₹2.47b (up 12% from 2Q 2022). Net income: ₹74.3m (down 26% from 2Q 2022). Profit margin: 3.0% (down from 4.5% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Aug 12
Upcoming dividend of ₹2.00 per share Eligible shareholders must have bought the stock before 19 August 2022. Payment date: 28 September 2022. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Indian dividend payers (1.7%). Higher than average of industry peers (0.6%). Reported Earnings • Aug 02
Full year 2022 earnings released: EPS: ₹15.78 (vs ₹13.05 in FY 2021) Full year 2022 results: EPS: ₹15.78 (up from ₹13.05 in FY 2021). Revenue: ₹7.82b (up 14% from FY 2021). Net income: ₹348.9m (up 21% from FY 2021). Profit margin: 4.5% (up from 4.2% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year and the company’s share price has also increased by 3% per year. Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment improved over the past week After last week's 17% share price gain to ₹125, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 22x in the Auto Components industry in India. Total loss to shareholders of 5.3% over the past three years. Reported Earnings • May 19
Full year 2022 earnings released: EPS: ₹15.78 (vs ₹13.05 in FY 2021) Full year 2022 results: EPS: ₹15.78 (up from ₹13.05 in FY 2021). Revenue: ₹8.13b (up 18% from FY 2021). Net income: ₹348.9m (up 21% from FY 2021). Profit margin: 4.3% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment improved over the past week After last week's 26% share price gain to ₹172, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 21x in the Auto Components industry in India. Total returns to shareholders of 5.1% over the past three years. Reported Earnings • Nov 15
Second quarter 2022 earnings released: EPS ₹4.53 (vs ₹1.76 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ₹2.21b (up 20% from 2Q 2021). Net income: ₹100.1m (up 157% from 2Q 2021). Profit margin: 4.5% (up from 2.1% in 2Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • Aug 15
First quarter 2022 earnings released: EPS ₹4.23 (vs ₹6.79 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹1.82b (up 128% from 1Q 2021). Net income: ₹93.5m (up ₹243.7m from 1Q 2021). Profit margin: 5.1% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Executive Departure • Jul 25
Non-Executive & Independent Director Srinivasan Natarajan has left the company On the 19th of July, Srinivasan Natarajan's tenure as Non-Executive & Independent Director ended after 12.3 years in the role. We don't have any record of a personal shareholding under Srinivasan's name. Srinivasan is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 1.17 years, which is considered inexperienced in the Simply Wall St Risk Model. Executive Departure • Jul 24
Non-Executive & Independent Director Srinivasan Natarajan has left the company On the 19th of July, Srinivasan Natarajan's tenure as Non-Executive & Independent Director ended after 12.3 years in the role. We don't have any record of a personal shareholding under Srinivasan's name. Srinivasan is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 1.17 years, which is considered inexperienced in the Simply Wall St Risk Model. Reported Earnings • Jul 04
Full year 2021 earnings released: EPS ₹13.05 (vs ₹9.56 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: ₹6.87b (down 6.1% from FY 2020). Net income: ₹288.6m (up 36% from FY 2020). Profit margin: 4.2% (up from 2.9% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improved over the past week After last week's 17% share price gain to ₹190, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 28x in the Auto Components industry in India. Total returns to shareholders of 7.4% over the past three years. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improved over the past week After last week's 16% share price gain to ₹149, the stock is trading at a trailing P/E ratio of 14.5x, up from the previous P/E ratio of 12.5x. This compares to an average P/E of 35x in the Auto Components industry in India. Total return to shareholders over the past three years is a loss of 38%. Reported Earnings • Feb 15
Third quarter 2021 earnings released: EPS ₹16.55 (vs ₹0.06 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₹2.26b (up 29% from 3Q 2020). Net income: ₹365.9m (up ₹364.7m from 3Q 2020). Profit margin: 16% (up from 0.1% in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 15
New 90-day high: ₹143 The company is up 19% from its price of ₹119 on 17 November 2020. The Indian market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 33% over the same period. Is New 90 Day High Low • Dec 04
New 90-day high: ₹133 The company is up 4.0% from its price of ₹128 on 04 September 2020. The Indian market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 20% over the same period. 
