HEG has released its second quarter results. The company's profit has slipped by more than 14 percent compared to last year. At the same time, income has decreased by about 8 percent. EBITDA has come down by more than 5 percent. However, margins have improved compared to last year. Along with this, the company has made a big announcement regarding investment in its associate company Bhilwara Infotechnology. The company's board has approved the purchase of the remaining entire stake in its associate company, after which the associate company will become a wholly owned company of HEG. The company has made this announcement after the market closed. In Wednesday's trading, the company's stock closed at 405.7 with a decline of 2.4 percent.

How were the quarterly results?
 

The quarterly profit of the company has come down to Rs 82.3 crore, a decline of 14.3 percent compared to last year. A year ago, the profit of the company was at Rs 96 crore. At the same time, the income of the company has decreased by 7.6 percent on year-on-year basis and has come down from Rs 614.2 crore to Rs 567.6 crore. EBITDA has come down to Rs 96.6 crore, a decline of 5.2 percent compared to last year. At the same time, the margins have remained at 17 percent which was at 16.6 percent in the same quarter last year. What was the announcement regarding investment? The company has informed that the board has approved the investment in Bhilwara Infotechnology, the associate company of HEG. The company will buy the remaining stake in the associate company through the investment. Currently, HEG has a 38.59 percent stake in Bhilwara Infotech. According to the company, this transaction will be for Rs 37.27 crore, which can be completed in more than one go. After the transaction is completed, Bhilwara Infotechnology will become a wholly owned subsidiary of HEG.