Reported Earnings • May 22
Full year 2026 earnings released: EPS: ₹8.84 (vs ₹5.20 in FY 2025) Full year 2026 results: EPS: ₹8.84 (up from ₹5.20 in FY 2025). Revenue: ₹6.45b (up 15% from FY 2025). Net income: ₹151.9m (up 70% from FY 2025). Profit margin: 2.4% (up from 1.6% in FY 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. New Risk • May 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 8.1% 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 (1.7x net interest cover). Earnings have declined by 17% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.1% average weekly change). Profit margins are more than 30% lower than last year (1.2% net profit margin). Market cap is less than US$100m (₹2.42b market cap, or US$25.2m). Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₹169, the stock trades at a trailing P/E ratio of 39.8x. Average trailing P/E is 17x in the Packaging industry in India. Total loss to shareholders of 11% over the past three years. Duyuru • May 15
Hitech Corporation Limited to Report Q4, 2026 Results on May 20, 2026 Hitech Corporation Limited announced that they will report Q4, 2026 results on May 20, 2026 Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹115, the stock trades at a trailing P/E ratio of 27.1x. Average trailing P/E is 13x in the Packaging industry in India. Total loss to shareholders of 31% over the past three years. New Risk • Feb 16
New major risk - Revenue and earnings growth Earnings have declined by 17% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.7x net interest cover). Earnings have declined by 17% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (1.2% net profit margin). Market cap is less than US$100m (₹2.61b market cap, or US$28.8m). Reported Earnings • Feb 11
Third quarter 2026 earnings released: ₹1.52 loss per share (vs ₹0.83 profit in 3Q 2025) Third quarter 2026 results: ₹1.52 loss per share (down from ₹0.83 profit in 3Q 2025). Revenue: ₹1.46b (up 18% from 3Q 2025). Net loss: ₹26.2m (down 283% from profit in 3Q 2025). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. New Risk • Feb 11
New major risk - Revenue and earnings growth Earnings have declined by 17% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.7x net interest cover). Earnings have declined by 17% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (1.2% net profit margin). Market cap is less than US$100m (₹2.83b market cap, or US$31.2m). Duyuru • Feb 04
Hitech Corporation Limited to Report Q3, 2026 Results on Feb 10, 2026 Hitech Corporation Limited announced that they will report Q3, 2026 results on Feb 10, 2026 Reported Earnings • Nov 11
Second quarter 2026 earnings released: EPS: ₹2.43 (vs ₹1.62 in 2Q 2025) Second quarter 2026 results: EPS: ₹2.43 (up from ₹1.62 in 2Q 2025). Revenue: ₹1.65b (up 13% from 2Q 2025). Net income: ₹41.7m (up 50% from 2Q 2025). Profit margin: 2.5% (up from 1.9% in 2Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Duyuru • Nov 04
Hitech Corporation Limited to Report Q2, 2026 Results on Nov 10, 2025 Hitech Corporation Limited announced that they will report Q2, 2026 results on Nov 10, 2025 New Risk • Aug 12
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (1.7% net profit margin). Market cap is less than US$100m (₹3.19b market cap, or US$36.5m). Reported Earnings • Aug 09
First quarter 2026 earnings released: EPS: ₹2.76 (vs ₹2.36 in 1Q 2025) First quarter 2026 results: EPS: ₹2.76 (up from ₹2.36 in 1Q 2025). Revenue: ₹1.65b (up 16% from 1Q 2025). Net income: ₹47.5m (up 22% from 1Q 2025). Profit margin: 2.9% (up from 2.7% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Duyuru • Aug 04
Hitech Corporation Limited to Report Q1, 2026 Results on Aug 08, 2025 Hitech Corporation Limited announced that they will report Q1, 2026 results on Aug 08, 2025 Upcoming Dividend • Jul 11
Upcoming dividend of ₹1.00 per share Eligible shareholders must have bought the stock before 18 July 2025. Payment date: 23 August 2025. Payout ratio is a comfortable 19% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.2%). Lower than average of industry peers (0.9%). Board Change • Jul 04
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Independent Director Sivaram Swaminathan was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 03
Full year 2025 earnings released: EPS: ₹5.20 (vs ₹12.81 in FY 2024) Full year 2025 results: EPS: ₹5.20 (down from ₹12.81 in FY 2024). Revenue: ₹5.61b (flat on FY 2024). Net income: ₹89.4m (down 59% from FY 2024). Profit margin: 1.6% (down from 3.9% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Declared Dividend • Jun 27
Dividend of ₹1.00 announced Dividend of ₹1.00 is the same as last year. Ex-date: 18th July 2025 Payment date: 23rd August 2025 Dividend yield will be 0.5%, which is lower than the industry average of 0.8%. Sustainability & Growth Dividend is covered by earnings (19% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 1.1% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 31% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Duyuru • Jun 24
Hitech Corporation Limited, Annual General Meeting, Jul 24, 2025 Hitech Corporation Limited, Annual General Meeting, Jul 24, 2025, at 15:30 Indian Standard Time. Duyuru • May 20
Hitech Corporation Limited to Report Q4, 2025 Results on May 26, 2025 Hitech Corporation Limited announced that they will report Q4, 2025 results on May 26, 2025 Duyuru • Mar 26
Hitech Corporation Limited Announces Change in Company Secretary and Compliance Officer On March 25, 2025, Hitech Corporation Limited announced resignation of Ashish Roongta as Company Secretary and Compliance Officer, to pursue an alternate career outside the organization. He will be relieved from the services of the company with effect from the close of the business hours on March 27, 2025. The company also announced the Appointment of Mrs. Hetali Mehta as Company Secretary and Compliance Officer of the Company with effect from April 1, 2025, under Section 203 of Companies Act, 2013 and Regulation 6 of SEBI (Listing Obligation & Disclosure Requirements), 2015. Mrs. Hetali Mehta is a Company Secretary with a membership of the Institute of Company Secretaries of India, complemented by her Gen. LLB degree. She has completed her Diploma in Corporate Governance from ICSI, further enhancing her professional credentials. With 10 years of professional experience, she has worked across various types of companies including listed, debt-listed, private, and Non-Banking Financial Companies (NBFCs). Her professional background includes managing secretarial and compliance responsibilities for multiple companies within corporate groups. She has developed practical expertise in corporate governance, regulatory compliance, and corporate legal matters through her extensive work experience. She brings a thorough understanding of the regulatory requirements and compliance frameworks relevant to different types of corporate entities. Duyuru • Mar 13
Hitech Corporation Limited Announces Closure of Operations Undertaken at its PPMF business unit at 4615/16 Plastic Zone Road, Manda Village, GIDC Sarigam, Gujarat Hitech Corporation Limited has decided to close all operations undertaken at its "PPMF business unit" situated at 4615/16 Plastic Zone Road, Manda Village, GIDC Sarigam, Gujarat - 396 155. The turnover of the PPMF Unit during Fiscal Year 2023-24 was INR 68.7 million (1.22%) being significantly low in relation to the turnover of the company, that is INR 5,630 million. Profit and net worth of the unit was negative 0.23% of the Company's total profitability and net worth for Fiscal Year 2023-24. Date of closure or estimated time of closure: By end of May 2025. Reasons for closure: Considering unsatisfactory performance of the Unit attributable to unfavorable market conditions, increase in production costs and diminishing market demand clubbed with continued operational losses, it is unviable to continue running the Unit. New Risk • Mar 13
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 7.3% 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: Minor Risks Dividend is not well covered by cash flows (270% cash payout ratio). Share price has been volatile over the past 3 months (7.3% average weekly change). Profit margins are more than 30% lower than last year (2.7% net profit margin). Market cap is less than US$100m (₹2.79b market cap, or US$32.0m). Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹195, the stock trades at a trailing P/E ratio of 22.2x. Average trailing P/E is 19x in the Packaging industry in India. Total loss to shareholders of 20% over the past three years. Reported Earnings • Feb 11
Third quarter 2025 earnings released: EPS: ₹0.83 (vs ₹1.47 in 3Q 2024) Third quarter 2025 results: EPS: ₹0.83 (down from ₹1.47 in 3Q 2024). Revenue: ₹1.24b (down 4.1% from 3Q 2024). Net income: ₹14.3m (down 43% from 3Q 2024). Profit margin: 1.2% (down from 2.0% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Duyuru • Feb 05
Hitech Corporation Limited Announces Retirement of Ketan Sarda as Head - Commercial Hitech Corporation Limited announced that Mr. Ketan Sarda, Head - Commercial, a Senior Management Personnel of the Company has retired from services of the Company with effect from end of the business hours of February 05, 2025. Duyuru • Feb 04
Hitech Corporation Limited to Report Q3, 2025 Results on Feb 10, 2025 Hitech Corporation Limited announced that they will report Q3, 2025 results on Feb 10, 2025 Duyuru • Dec 21
Hitech Corporation Limited Appoints Swaminathan Sivaram as A Non-Executive Independent Director Hitech Corporation Limited approved the appointment of Dr. Swaminathan Sivaram as a Non-Executive Independent Director for a term of five consecutive years w.e.f. from December 19, 2024. Appointment for a period of five consecutive years from December 19, 2024 to December 18, 2029. Professor (Dr.) Swaminathan Sivaram, is a polymer chemist by profession and a science administrator of distinction. He is a former Director of the CSIR National Chemical Laboratory, Pune (2002- 10), Shanti Swarup Bhatnagar Fellow of CSIR and J. C. Bose Fellow of the Department of Science and Technology. Currently, he is an Honorary Professor and INSA Emeritus Scientist of the Indian Institute of Science Education and Research (IISER), Pune and Indian Institute of Science Education and Research (IISER), Kolkata as well as a Professor of Eminence in Polymer Science at the Somaiya Vidyavihar University, Mumbai. He is a highly decorated scientist /technologist with numerous awards and honours to his credit. He was conferred Padma Shri by the President of India in 2006. He is a recipient of the Gold Medal of the Chemical Research Society of India for his life-time achievements in chemistry (2019) and the International Award for distinguished contributions to polymer science, awarded by the Society of Polymer Science, Japan (2017). He earned his Bachelor of Science degree in Chemistry from Madras Christian College (1965) and is a distinguished alumnus of IIT-Kanpur (M.Sc., 1967). He earned a PhD in Chemistry and DSc (h.c) from Purdue University, W. Lafayette, Indiana, USA. He is an elected Fellow of all the learned academies of science and engineering in India and an elected fellow of The World Academy of Sciences, Trieste, Italy as well as a Fellow of the Royal Society of Chemistry (RSC) and Fellow of the International Union of Pure and Applied Chemistry (IUPAC). He is a technical consultant to several reputed Indian companies and serves or has served on the Board of Directors of several leading Indian companies dealing with chemicals and materials. He was a founder Chairman and director of Venture Centre, A Section 8 company, Pune one of the first science driven technology business incubators established in India in 2004. He is a founder Director of AIC-Society for Entrepreneurial Education and Development (2017) and Pune Hydrogen Valley Foundation (2024) and a director on the board of I-HUB Quantum Technology Foundation. He is currently leading an industry-academia Thought Leadership Forum on Materials Sustainability and Chairs the Steering Committee of the India-UK joint project on "Building Resilience in Critical Minerals Supply Chains" . His research interest concerns polymer synthesis, surface chemistry of polymers, porous polymers, biodegradable polymers, organic- inorganic hybrids, and structure-property relationship in polymers. This apart, he is deeply interested in subjects such as sustainability issues, sustainable energy technology and policies as well as understanding the inter-play of science, technology, society, and public policies. He teaches courses in IISERs on "Sustainability and Chemistry", "A Tool-Kit for Entrepreneurship for Science Students" "and "Understanding the Interface of Science, Technology, Public Policy and Society" He has authored over two hundred and fifty papers in peer- reviewed journals, edited two books and authored one book. He is cited as an inventor in fifty-one issued US and European patents and fifty-two Indian patents. He has supervised the doctoral thesis of over forty students and mentored over fifteen post-doctoral fellows in a research career spanning fifty years. Duyuru • Dec 19
Hitech Corporation Limited Approves Appointment of Jasraj Singh as Chief Operating Officer Hitech Corporation Limited announced that on basis of recommendation of the nomination and remuneration committee, the board of directors of the company have on 16 December 2024, approved the appointment of Mr. Jasraj Singh as the Chief Operating Officer (COO) of the company with effect from 16 December 2024. Mr. Jasraj Singh is Plastics Engineer from Central Institute of Petrochemicals Engineering (CIPET) with more than 25 years of experience in rigid packaging industry including as Managing Director of a Company. Mr. Jasraj Singh possesses experience of working with world's largest Plastic products producers in Consumer, Healthcare, Food, Beverage, Personal care, Hygiene and Industrial space segments. Based on past experience he has developed expertise in Healthcare Packaging, strategic growth within the rigid plastic packaging and drug delivery solution sectors, with a strong focus on related applications. He successfully led business expansion, achieving multi-fold growth in operations demonstrating a consistent ability to drive profitability and market share as well as P&L responsibilities, budget and Capex planning, operational excellence, ensuring sustained profitability and efficiency improvements. He spearheaded the development and launch of innovative healthcare packaging solutions from concept to commercialization, including greenfield projects and diversification into new market segments. During his career he had an opportunity of overseeing large-scale projects, including product and tool development, supplier management, and implementation of quality standards, particularly in the healthcare and pharmaceutical sectors. He has developed core competencies in leading cross-functional teams, fostering a culture of continuous improvement, and implementing succession planning to ensure long-term business sustainability and continuity. Reported Earnings • Nov 18
Second quarter 2025 earnings released: EPS: ₹1.70 (vs ₹3.00 in 2Q 2024) Second quarter 2025 results: EPS: ₹1.70 (down from ₹3.00 in 2Q 2024). Revenue: ₹1.47b (up 2.4% from 2Q 2024). Net income: ₹29.2m (down 43% from 2Q 2024). Profit margin: 2.0% (down from 3.6% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Duyuru • Nov 14
Hitech Corporation Limited (BSE:526217) entering into definitive agreements including a share purchase agreement to acquire Thriarr Polymers Private Limited for INR 30 million. Hitech Corporation Limited (BSE:526217) entering into definitive agreements including a share purchase agreement to acquire Thriarr Polymers Private Limited for INR 30 million on November 13, 2024. A cash consideration of INR 30 million will be paid by Hitech Corporation Limited.
For the period ending March 31, 2024, Thriarr Polymers Private Limited reported total revenue of INR 346 million.
The Board of Directors of the Hitech Corporation Limited in their meeting held on 13th November 2024 have approved the transaction. The acquisition shall likely be completed within 3 months and is subject to fulfilment of condition precedents as agreed between the parties. Buy Or Sell Opportunity • Nov 13
Now 21% undervalued Over the last 90 days, the stock has risen 13% to ₹250. The fair value is estimated to be ₹317, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 19%. New Risk • Nov 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 9.2% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.2% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (3.3% net profit margin). Market cap is less than US$100m (₹4.50b market cap, or US$53.3m). Duyuru • Nov 08
Hitech Corporation Limited to Report Q2, 2024 Results on Nov 13, 2024 Hitech Corporation Limited announced that they will report Q2, 2024 results on Nov 13, 2024 Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹321, the stock trades at a trailing P/E ratio of 30.3x. Average trailing P/E is 26x in the Packaging industry in India. Total returns to shareholders of 40% over the past three years. New Risk • Sep 19
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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.9% average weekly change). Profit margins are more than 30% lower than last year (3.3% net profit margin). Market cap is less than US$100m (₹4.53b market cap, or US$54.2m). Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹264, the stock trades at a trailing P/E ratio of 24.9x. Average trailing P/E is 27x in the Packaging industry in India. Total returns to shareholders of 23% over the past three years. Reported Earnings • Aug 12
First quarter 2025 earnings released: EPS: ₹2.36 (vs ₹4.47 in 1Q 2024) First quarter 2025 results: EPS: ₹2.36 (down from ₹4.47 in 1Q 2024). Revenue: ₹1.43b (down 5.2% from 1Q 2024). Net income: ₹38.9m (down 49% from 1Q 2024). Profit margin: 2.7% (down from 5.1% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Duyuru • Aug 01
Hitech Corporation Limited to Report Q1, 2025 Results on Aug 08, 2024 Hitech Corporation Limited announced that they will report Q1, 2025 results on Aug 08, 2024 Upcoming Dividend • Jul 12
Upcoming dividend of ₹1.00 per share Eligible shareholders must have bought the stock before 19 July 2024. Payment date: 24 August 2024. Payout ratio is a comfortable 7.8% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of Indian dividend payers (1.1%). Lower than average of industry peers (0.8%). Reported Earnings • Jul 05
Full year 2024 earnings released: EPS: ₹12.81 (vs ₹16.49 in FY 2023) Full year 2024 results: EPS: ₹12.81 (down from ₹16.49 in FY 2023). Revenue: ₹5.62b (flat on FY 2023). Net income: ₹220.0m (down 22% from FY 2023). Profit margin: 3.9% (down from 5.1% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Duyuru • Jun 29
Hitech Corporation Limited, Annual General Meeting, Jul 25, 2024 Hitech Corporation Limited, Annual General Meeting, Jul 25, 2024, at 15:00 Indian Standard Time. Reported Earnings • May 18
Full year 2024 earnings released: EPS: ₹12.81 (vs ₹16.49 in FY 2023) Full year 2024 results: EPS: ₹12.81 (down from ₹16.49 in FY 2023). Revenue: ₹5.63b (flat on FY 2023). Net income: ₹220.0m (down 22% from FY 2023). Profit margin: 3.9% (down from 5.1% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Duyuru • May 12
Hitech Corporation Limited to Report Q4, 2024 Results on May 16, 2024 Hitech Corporation Limited announced that they will report Q4, 2024 results at 3:30 PM, Indian Standard Time on May 16, 2024 Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹242, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 21x in the Packaging industry in India. Total returns to shareholders of 80% over the past three years. Reported Earnings • Feb 09
Third quarter 2024 earnings released: EPS: ₹1.47 (vs ₹1.56 in 3Q 2023) Third quarter 2024 results: EPS: ₹1.47 (down from ₹1.56 in 3Q 2023). Revenue: ₹1.29b (up 6.8% from 3Q 2023). Net income: ₹25.3m (down 5.5% from 3Q 2023). Profit margin: 2.0% (down from 2.2% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Dec 27
Hitech Corporation Limited Announces Board Appointments Hitech Corporation Limited announced that at the board meeting held on December 22, 2023, the company approved the appointment of Mrs. Ina A. Dani and Mr. Prakash D. Trivedi on the Board of the Company. The effective date of their appointment is December 22, 2023. Mrs. Ina Ashwin Dani is a member of the Promoter group of Hitech Corporation Limited and has earlier served on the Board of Directors of Hitech Corporation Limited. She has been a director of Hitech Corporation from its inception in 1991 up to February 1993 and again from January 2010 to June 2015. She is also a promoter director of Hitech Specialities Solutions Pvt Ltd. (HSSL), a speciality chemicals manufacturing and distribution company. HSSL has forged exclusive partnerships with global principals and provides customised solutions to individual customer needs whilst catering to a large customer base. She has been a director of HSSL from March 1998 till date. She is also a member of the Promoter group of Asian Paints Limited and has served on the Board of Asian Paints Limited, the market leader of the paint industry in India, as a Non-executive Director from March 1999 to July 2001 and again from July 2010 to October 2013. She is a staunch practitioner and trainer of Iyengar Yoga and believes in spreading the practice of yoga globally for the wellbeing of mankind. Mrs. Dani is a Trustee in many Charitable Trusts and is the founder of `Homevilla Yoga' which was established in 1994 and conducts yoga classes through dedicated professionals. Internationally she is renowned for teaching prenatal yoga to expectant mothers. She is a philanthropist connected with various social causes and organisations. All who have been associated with her rightly point out that her greatest strength is her ability to connect with all through her humility and empathy. Dr. Prakash Trivedi was Head of SBU Polymers of Gharda ChemicalsLtd from 1990 to 2006. He helped develop many Specialty Plastics like PES (4th producer in the World), PSU & PPSU (3rd producer in the World), sulfone block copolymers PSS-B, PSS-T, and Electrophilic PEEK (First time in the World). The manufacturing plant came up at Panoli, Gujarat in 1997/98 and was bought by Solvay in 2006. He also helped developed from 2011 till date at Gharda, PEK. PEKK PEI and ABPBI, which are currently being manufactured by Gharda at Panoli, Gujarat and the products are being marketed the world over. Gharda is now only one of two manufacturers of PEI, PEK and PEKK and only single manufacturer of ABPBI Fiber in the world. His development work of Polyehter Imide is resulting in a productionplant for about 1000 MTA at Panoli to be commissioned by First Quarter 2024. Gharda Chemicals was recipient, just for polymer developments, of ICC Sir P. C. Ray awards for Technology developments in 1998, 2001, 2005, 2012 and 2019; PlastIndia Plasticon awards for New Products in 1999, 2002, 2005, 2012 and 2015; FICCI award for New Product in 2005 and Ministry of Chemical & Fertilizer Innovative Product Award in 2012. Dr. Prakash Trivedi was the MD of Solvay Specialties India Pvt. Ltd. from May 2006 till March 2009 and Sr. Advisor of Solvay Belgium on Sustainable Chemistry & Director R&D Solvay Asia in 2009 - 2011. In Solvay, he worked on Specialty & Engineering Plastics and Green Chemistry area and helped finalize its R&D Centre at Savli, Gujarat. Dr. Trivedi has been awarded ICC D. M. Trivedi Lifetime Achievement Award for Contribution to Chemical Industry on 15th Sept. 2023. He is also recipient of Prof. M. Santappa Memorial Award by Society of Polymer science in 2020 and a Distinguished Alumnus Award by UDCT (now ICT) and is an adjunct professor at ICT since 2019. He served as Chairman of Indian Plastics Institute's Governing Council from 2002 to 2004. He is a Fellow of IPI and was recently bestowed Lifetime Achievement Award by IPI in March 2023. He has about 40 National & International Patents, >50 technical publications and >90 Presentations in International & National stage. He is also the member of American Chemical Society from 1972 till present. He wrote a monograph on Specialty Thermoplastics published recently in 2023 by Hanser, a leading European Publishing house specializing in books on plastics. He is now writing a monograph on Polymer Production Technology. He was the Hon. Editor of CHEMICAL NEWS of Indian Chemical Council from July 2014 June 2022. Dr. Trivedi has published 6 Novels & 1 Play in Gujarati, & a book 'PVC Technology', coauthored with Arvind Athalye. He is an active member of Society Of Plastics Engineers and Rotary Club of Bombay West. Reported Earnings • Nov 08
Second quarter 2024 earnings released: EPS: ₹3.00 (vs ₹6.11 in 2Q 2023) Second quarter 2024 results: EPS: ₹3.00 (down from ₹6.11 in 2Q 2023). Revenue: ₹1.44b (down 11% from 2Q 2023). Net income: ₹51.5m (down 51% from 2Q 2023). Profit margin: 3.6% (down from 6.5% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Nov 06
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 7.5% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (₹5.26b market cap, or US$63.2m). Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹306, the stock trades at a trailing P/E ratio of 17.7x. Average trailing P/E is 25x in the Packaging industry in India. Total returns to shareholders of 276% over the past three years. Reported Earnings • Aug 10
First quarter 2024 earnings released: EPS: ₹4.47 (vs ₹3.69 in 1Q 2023) First quarter 2024 results: EPS: ₹4.47 (up from ₹3.69 in 1Q 2023). Revenue: ₹1.51b (up 1.4% from 1Q 2023). Net income: ₹76.8m (up 21% from 1Q 2023). Profit margin: 5.1% (up from 4.3% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 46% per year whereas the company’s share price has increased by 42% per year. Duyuru • Aug 03
Hitech Corporation Limited to Report Q1, 2024 Results on Aug 09, 2023 Hitech Corporation Limited announced that they will report Q1, 2024 results on Aug 09, 2023 Upcoming Dividend • Jun 23
Upcoming dividend of ₹1.00 per share at 0.5% yield Eligible shareholders must have bought the stock before 30 June 2023. Payment date: 07 August 2023. Payout ratio is a comfortable 6.1% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (1.0%). Reported Earnings • Jun 17
Full year 2023 earnings released: EPS: ₹16.49 (vs ₹21.77 in FY 2022) Full year 2023 results: EPS: ₹16.49 (down from ₹21.77 in FY 2022). Revenue: ₹5.59b (down 5.1% from FY 2022). Net income: ₹283.3m (down 24% from FY 2022). Profit margin: 5.1% (down from 6.4% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Duyuru • May 19
Hitech Corporation Limited, Annual General Meeting, Jul 08, 2023 Hitech Corporation Limited, Annual General Meeting, Jul 08, 2023. Agenda: To consider to approve recommended dividend of 1.00 per share on the equity shares of the company for the year ended March 31, 2023; and to transact such other business issues. Reported Earnings • May 18
Full year 2023 earnings released: EPS: ₹16.49 (vs ₹21.77 in FY 2022) Full year 2023 results: EPS: ₹16.49 (down from ₹21.77 in FY 2022). Revenue: ₹5.60b (down 4.8% from FY 2022). Net income: ₹283.3m (down 24% from FY 2022). Profit margin: 5.1% (down from 6.4% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Duyuru • May 10
Hitech Corporation Limited to Report Q4, 2023 Results on May 17, 2023 Hitech Corporation Limited announced that they will report Q4, 2023 results at 12:15 PM, Indian Standard Time on May 17, 2023 Reported Earnings • Feb 14
Third quarter 2023 earnings released: EPS: ₹1.56 (vs ₹6.90 in 3Q 2022) Third quarter 2023 results: EPS: ₹1.56 (down from ₹6.90 in 3Q 2022). Revenue: ₹1.21b (down 14% from 3Q 2022). Net income: ₹26.8m (down 77% from 3Q 2022). Profit margin: 2.2% (down from 8.4% 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 73% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Duyuru • Feb 12
Hitech Corporation Limited Announces Appointment of Jayendra Ratilal Shah as Non-Executive Vice-Chairman Hitech Corporation Limited announced Appointment of Mr. Jayendra Ratilal Shah, Non-Executive - Independent Director as the Non-Executive Vice-Chairman of the Board and the Company as recommended by the Nomination and Remuneration Committee. Brief Profile of M r. Jayendra Ratilal Shah: Mr. Jayendra Shah is a Technocrat and entrepreneur having over 50 years experience in Plastics and Speciality Chemicals. He is a BSc (Hons), BSc (Tech) & MSc (Tech) in plastics. He is the founder of JayVee Organics & Polymers Pvt. Ltd. Earlier, he served as a Director of Colortech India Pvt. Ltd., Bluebell Polymers Pvt. Ltd. and Enteck Polymers Limited. Currently, he is an Independent Director of Hitech Corporation Limited since 2013 and Goldstab Organics Pvt. Ltd. He was recognized by Manjushree Technopack Ltd. for his outstanding contribution to the plastics packaging industry. He is a!so a board member of the Institute of Chemical Technology (formerly UDCT). He has served as a Board member and Vice Chairman of the Indian Institute of Packaging, Founder Chairman and President of Indian Plastic Institute, Vice President of Polymer Processing Academy and Member of the Board of Central Institute of Plastic Engineering & Technology (CIPET). He was conferred with the Distinguished Alumnus Award of Institute of Chemical Technology (formerly UDCT), recipient of the Lifetime Achievement Award from Indian Plastic Institute and Lifetime Achievement Award from Modern Plastic India publication. He was also the Founder Treasurer of Plastlndia Foundation. Duyuru • Feb 02
Hitech Corporation Limited to Report Q3, 2023 Results on Feb 08, 2023 Hitech Corporation Limited announced that they will report Q3, 2023 results on Feb 08, 2023 Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 4 highly experienced directors. Additional Non-Executive Independent Director Kalpana Merchant was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Nov 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 4.7%. The fair value is estimated to be ₹301, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.9% over the last 3 years. Earnings per share has grown by 75%. Reported Earnings • Nov 09
Second quarter 2023 earnings released: EPS: ₹6.11 (vs ₹5.65 in 2Q 2022) Second quarter 2023 results: EPS: ₹6.11 (up from ₹5.65 in 2Q 2022). Revenue: ₹1.61b (down 3.4% from 2Q 2022). Net income: ₹104.9m (up 8.0% from 2Q 2022). Profit margin: 6.5% (up from 5.8% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Duyuru • Nov 02
Hitech Corporation Limited to Report Q2, 2023 Results on Nov 08, 2022 Hitech Corporation Limited announced that they will report Q2, 2023 results on Nov 08, 2022 Reported Earnings • Aug 07
First quarter 2023 earnings released: EPS: ₹3.69 (vs ₹4.37 in 1Q 2022) First quarter 2023 results: EPS: ₹3.69 (down from ₹4.37 in 1Q 2022). Revenue: ₹1.49b (up 14% from 1Q 2022). Net income: ₹63.4m (down 15% from 1Q 2022). Profit margin: 4.3% (down from 5.7% in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Board Change • Aug 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 4 highly experienced directors. Additional Non-Executive Independent Director Kalpana Merchant was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Duyuru • Jul 30
Hitech Corporation Limited to Report Q1, 2023 Results on Aug 06, 2022 Hitech Corporation Limited announced that they will report Q1, 2023 results on Aug 06, 2022 Board Change • Jul 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 4 highly experienced directors. Additional Non-Executive Independent Director Kalpana Merchant was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jun 30
Upcoming dividend of ₹1.00 per share Eligible shareholders must have bought the stock before 07 July 2022. Payment date: 15 August 2022. Payout ratio is a comfortable 4.6% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of Indian dividend payers (1.8%). Lower than average of industry peers (1.3%). Reported Earnings • Jun 25
Full year 2022 earnings released: EPS: ₹21.77 (vs ₹9.87 in FY 2021) Full year 2022 results: EPS: ₹21.77 (up from ₹9.87 in FY 2021). Revenue: ₹5.88b (up 32% from FY 2021). Net income: ₹374.0m (up 121% from FY 2021). Profit margin: 6.4% (up from 3.8% in FY 2021). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth. Duyuru • Jun 22
Hitech Corporation Limited Recommends a Dividend Hitech Corporation Limited board meeting held on May 14, 2022 had recommended a dividend INR 1 per share (i.e. 10%) on equity shares of face value of INR 10 each, subject to the approval of the shareholders at the upcoming AGM. Reported Earnings • May 15
Full year 2022 earnings released: EPS: ₹21.77 (vs ₹9.87 in FY 2021) Full year 2022 results: EPS: ₹21.77 (up from ₹9.87 in FY 2021). Revenue: ₹5.89b (up 32% from FY 2021). Net income: ₹374.0m (up 121% from FY 2021). Profit margin: 6.3% (up from 3.8% in FY 2021). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Duyuru • May 07
Hitech Corporation Limited to Report Q4, 2022 Results on May 14, 2022 Hitech Corporation Limited announced that they will report Q4, 2022 results on May 14, 2022 Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment improved over the past week After last week's 28% share price gain to ₹292, the stock trades at a trailing P/E ratio of 12.1x. Average trailing P/E is 13x in the Packaging industry in India. Total returns to shareholders of 175% over the past three years. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₹219, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 14x in the Packaging industry in India. Total returns to shareholders of 137% over the past three years. Reported Earnings • Feb 11
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹6.90 (up from ₹2.63 in 3Q 2021). Revenue: ₹1.41b (up 9.8% from 3Q 2021). Net income: ₹118.4m (up 162% from 3Q 2021). Profit margin: 8.4% (up from 3.5% in 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Feb 10
Now 21% undervalued Over the last 90 days, the stock is up 7.5%. The fair value is estimated to be ₹348, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.4% per annum over the last 3 years. The company has become profitable over the last year. Duyuru • Feb 03
Hitech Corporation Limited to Report Q3, 2022 Results on Feb 10, 2022 Hitech Corporation Limited announced that they will report Q3, 2022 results on Feb 10, 2022 Buying Opportunity • Jan 24
Now 23% undervalued Over the last 90 days, the stock is up 31%. The fair value is estimated to be ₹360, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.4% per annum over the last 3 years. The company has become profitable over the last year. Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment improved over the past week After last week's 22% share price gain to ₹278, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 12x in the Packaging industry in India. Total returns to shareholders of 174% over the past three years. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improved over the past week After last week's 18% share price gain to ₹254, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 12x in the Packaging industry in India. Total returns to shareholders of 130% over the past three years. Reported Earnings • Nov 12
Second quarter 2022 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ₹1.67b (up 36% from 2Q 2021). Net income: ₹756.4m (up ₹692.4m from 2Q 2021). Profit margin: 45% (up from 5.2% in 2Q 2021). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 33% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 14
Upcoming dividend of ₹1.00 per share Eligible shareholders must have bought the stock before 20 July 2021. Payment date: 28 August 2021. Trailing yield: 0.4%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (1.1%). Reported Earnings • Jul 07
Full year 2021 earnings released: EPS ₹9.87 (vs ₹1.37 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: ₹4.47b (down 2.8% from FY 2020). Net income: ₹169.6m (up ₹146.0m from FY 2020). Profit margin: 3.8% (up from 0.5% in FY 2020). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improved over the past week After last week's 31% share price gain to ₹230, the stock trades at a trailing P/E ratio of 23.3x. Average trailing P/E is 14x in the Packaging industry in India. Total returns to shareholders of 58% over the past three years. Duyuru • May 23
Hitech Corporation Limited Recommends Payment of Dividend on Equity Shares for the Financial Year Ended March 31, 2021 Hitech Corporation Limited in its board meeting held on May 21, 2021, recommended payment of dividend of INR 1.00 per equity share (10%) of the face value of INR 10 each for the financial year ended March 31, 2021, subject To Approve the shareholders at the upcoming Annual General Meeting. Reported Earnings • May 23
Full year 2021 earnings released: EPS ₹9.87 (vs ₹1.37 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: ₹4.49b (down 2.5% from FY 2020). Net income: ₹169.6m (up ₹146.0m from FY 2020). Profit margin: 3.8% (up from 0.5% in FY 2020). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 07
Investor sentiment improved over the past week After last week's 17% share price gain to ₹166, the stock trades at a trailing P/E ratio of 59x. Average trailing P/E is 12x in the Packaging industry in India. Total returns to shareholders of 14% over the past three years. Reported Earnings • Feb 12
Third quarter 2021 earnings released: EPS ₹2.63 (vs ₹0.49 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₹1.29b (up 20% from 3Q 2020). Net income: ₹45.1m (up ₹53.6m from 3Q 2020). Profit margin: 3.5% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 10
New 90-day high: ₹135 The company is up 54% from its price of ₹87.80 on 12 November 2020. The Indian market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 4.0% over the same period. Duyuru • Feb 04
Hitech Corporation Limited to Report Q3, 2021 Results on Feb 10, 2021 Hitech Corporation Limited announced that they will report Q3, 2021 results on Feb 10, 2021 Duyuru • Jan 06
Hitech Corporation Limited Announces Cessation of Ashwin Nagarwadia as Director (Non-Executive, Non-Independent) Hitech Corporation Limited announced that Mr. Ashwin Nagarwadia (DIN: 00466681) vide his letter dated 4th January, 2021, has resigned from the Board of the Company as Director (Non-
Executive, Non-Independent) with effect from close of business hours of 4th January, 2021. Duyuru • Nov 03
Hitech Corporation Limited to Report Q2, 2021 Results on Nov 10, 2020 Hitech Corporation Limited announced that they will report Q2, 2021 results on Nov 10, 2020 Duyuru • Oct 18
Hitech Corporation Limited Announces Discontinuation of Operations At Sitarganj Plant Hitech Corporation Limited informed that as part of strategy to rationalise the production facilities towards profitable products and optimise the cost, the operations at the manufacturing facility of the Company situated at Sitarganj (Uttarakhand) has been discontinued and shifted to some other manufacturing units of the Company with effect from October 16, 2020 due to reduction in offtake by some of the major customers of the Company. The said unit was having turnover of INR 395 million constituting approximately 8% of total turnover of the Company for the financial year 2019-20 and was not contributing to the Net Worth of the Company for the last two years. 
