Bhandari Hosiery Exports Reports 13.4% Rise in Q1 Net Profit
Bhandari Hosiery Exports Limited announced a 13.4% increase in net profit for Q1 FY2024, rising to Rs 161.90 lakh from Rs 142.71 lakh year-over-year. Revenue from operations grew by 8.3% to Rs 6,290.67 lakh. Total revenue reached Rs 6,296.95 lakh, up 8.5% compared to the same quarter last year. The company's Board of Directors approved these unaudited financial results on August 14. Statutory auditors M/s Raj Gupta & Co provided a limited review report, finding no issues with the financial results' presentation.
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Bhandari Hosiery Exports Limited , a recognized export house by the Government of India, has reported a 13.4% increase in net profit for the quarter ended June 30. The company's financial performance shows growth in both revenue and profitability, reflecting positive momentum in its textile business.
Financial Highlights
- Net profit rose to Rs 161.90 lakh, up from Rs 142.71 lakh in the same quarter last year
- Revenue from operations increased to Rs 6,290.67 lakh from Rs 5,805.86 lakh, marking an 8.3% growth
- Total revenue reached Rs 6,296.95 lakh compared to Rs 5,805.86 lakh in the corresponding quarter
- Earnings per share stood at Rs 0.07
Quarterly Performance Overview
The company's unaudited financial results for the quarter ended June 30 were approved by the Board of Directors during their meeting on August 14. The results demonstrate Bhandari Hosiery's ability to maintain growth in a competitive textile market.
| Particulars (in Rs. Lakh) | Q1 Current | Q1 Previous | YoY Change |
|---|---|---|---|
| Revenue from Operations | 6,290.67 | 5,805.86 | +8.3% |
| Total Revenue | 6,296.95 | 5,805.86 | +8.5% |
| Net Profit | 161.90 | 142.71 | +13.4% |
Operational Insights
Bhandari Hosiery Exports Limited operates primarily in the textiles segment, focusing on sustainable innovation and designed fabric garments. The company's performance reflects its strong position in the export market, with operations centered at its registered office in Ludhiana, Punjab.
Management Commentary
The Board of Directors expressed satisfaction with the company's performance, highlighting the growth in both revenue and profitability. The management's focus on operational efficiency and market expansion appears to be yielding positive results.
Auditor's Review
M/s Raj Gupta & Co, the statutory auditors of the company, provided a limited review report on the quarterly results. The auditors stated that based on their review, nothing has come to their attention that causes them to believe that the financial results do not present a true and fair view in accordance with applicable accounting standards and other recognized accounting practices and policies.
Conclusion
Bhandari Hosiery Exports Limited's Q1 results demonstrate the company's resilience and growth potential in the textile sector. With a 13.4% increase in net profit and an 8.3% rise in revenue from operations, the company shows promising signs for the ongoing financial year. Investors and stakeholders will likely keep a close watch on the company's performance in the coming quarters to assess its sustained growth trajectory.
Historical Stock Returns for Bhandari Hosiery Exports
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.73% | -3.09% | -5.42% | -1.88% | -32.13% | +366.34% |
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