Pushpsons Industries Reports Q4FY19 Results with Resubmission to BSE
Pushpsons Industries Limited has resubmitted its audited financial results for the quarter ended March 31, 2019, to BSE Limited with complete attachments including the Un-Qualified Declaration and Independent Auditor's Report. The company reported a net loss of ₹2.12 lakh for Q4FY19 compared to a loss of ₹7.52 lakh in the same period of the previous year. For the full year FY19, the company recorded a net profit of ₹17.69 lakh against a loss of ₹0.25 lakh in FY18. The results were reviewed by the Audit Committee and approved by the Board of Directors on May 30, 2019.
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Pushpsons Industries Limited has resubmitted its audited financial results for the quarter ended March 31, 2019, to BSE Limited following directions from the exchange. The resubmission was necessitated after certain attachments, including the Un-Qualified Declaration (Form-A) and Independent Auditor's Report, were unintentionally omitted during the initial submission on May 30, 2019. The company confirmed that the financial figures remain unchanged between the earlier and resubmitted versions.
The standalone financial results for Q4FY19 reveal a mixed performance. Revenue from operations declined to ₹32.16 lakh from ₹41.12 lakh in the corresponding quarter of the previous year. Total income stood at ₹33.49 lakh for the quarter. The company reported a net loss of ₹2.12 lakh for Q4FY19, which represents an improvement compared to the net loss of ₹7.52 lakh recorded in Q4FY18. Basic and diluted earnings per share for the quarter were reported at -₹0.03.
For the full financial year ended March 31, 2019, Pushpsons Industries demonstrated a turnaround with a net profit of ₹17.69 lakh against a net loss of ₹0.25 lakh in the previous fiscal year. Total income for FY19 increased to ₹261.25 lakh from ₹243.14 lakh in FY18. The company's paid-up equity share capital remained constant at ₹527.05 lakh with a face value of ₹10 per share throughout both periods.
Financial Performance Summary
| Particulars | Q4FY19 (₹ in Lakhs) | Q4FY18 (₹ in Lakhs) | FY19 (₹ in Lakhs) | FY18 (₹ in Lakhs) |
|---|---|---|---|---|
| Revenue from operations | 32.16 | 41.12 | 256.22 | 236.98 |
| Total Income | 33.49 | 42.37 | 261.25 | 243.14 |
| Total Expenses | 35.61 | 49.89 | 243.56 | 243.39 |
| Net Profit/Loss | -2.12 | -7.52 | 17.69 | -0.25 |
| Basic EPS | -0.03 | -0.14 | 0.38 | 0.01 |
The balance sheet as of March 31, 2019, shows total assets at ₹382.79 lakh, a decrease from ₹445.30 lakh in the previous year. Property, plant and equipment stood at ₹218.87 lakh, while total equity attributable to owners of the parent increased to ₹365.98 lakh from ₹348.49 lakh. The company maintained a debt-equity ratio of 0.00 for both the quarter and year ended March 31, 2019, indicating no outstanding borrowings during the period.
Key Balance Sheet Items
| Particulars | 31.03.2019 (₹ in Lakhs) | 31.03.2018 (₹ in Lakhs) |
|---|---|---|
| Total Assets | 382.79 | 445.30 |
| Property, Plant & Equipment | 218.87 | 226.40 |
| Total Equity | 365.98 | 348.49 |
| Total Liabilities | 16.81 | 96.81 |
| Current Borrowings | 0.00 | 80.00 |
The Independent Auditor's Report issued by Ritu Gupta & Co., Chartered Accountants, provided an unqualified opinion on the standalone financial statements. The auditors confirmed that the financial statements give a true and fair view of the company's state of affairs as at March 31, 2019, and its profit, changes in equity and cash flows for the year ended on that date. The audit was conducted in accordance with the Standards on Auditing specified under the Companies Act, 2013.
The company, which is engaged in the export of carpets and made-ups as its sole business segment, disclosed that there were no investor complaints outstanding at the beginning or received during the quarter ended March 31, 2019. The financial results have been filed with the stock exchange under Regulation 33 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 and are available on the BSE website and the company's official website.
Historical Stock Returns for Springform Technology
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -100.00% | 0.0% | 0.0% | 0.0% | 0.0% | -100.00% |
What factors contributed to the 21.8% decline in Q4 FY19 revenue, and how might this trend affect the company's performance in subsequent quarters?
How will the company leverage its improved debt-equity ratio of 0.00 to fund future growth initiatives in the carpet export business?
What strategic measures is Pushpsons Industries planning to address the volatility in quarterly performance while maintaining annual profitability?
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