GLITTEK GRANITES Reports Profit in Q1 Amid Significant Revenue Decline

2 min read Updated on 13 Aug 2025, 02:23 PM

Reviewed by

Naman SScanX News Team

Overview

Glittek Granites achieved a turnaround in Q1 FY2024, reporting a net profit of Rs 5.28 lakhs despite a 95.50% year-over-year revenue decline to Rs 4.68 lakhs. The profit was largely attributed to a significant increase in other income to Rs 67.36 lakhs and an 84.29% reduction in total expenses. The company's total comprehensive income reached Rs 18.02 lakhs, compared to a loss of Rs 313.59 lakhs in the same period last year. The board adopted these unaudited financial results on August 13.

*this image is generated using AI for illustrative purposes only.

Glittek Granites has reported a turnaround in its financial performance for the first quarter, despite a substantial decrease in revenue. The company's board of directors adopted the unaudited financial results for the quarter ended June 30 during a meeting held on August 13.

Financial Highlights

Revenue: The company's revenue from operations saw a sharp decline, dropping to Rs 4.68 lakhs from Rs 103.97 lakhs in the same quarter of the previous year.
Other Income: There was a significant increase in other income, rising to Rs 67.36 lakhs from Rs 4.00 lakhs year-over-year.
Net Profit: Glittek Granites reported a net profit after tax of Rs 5.28 lakhs, compared to a loss of Rs 314.84 lakhs in the corresponding quarter of the previous year.
Total Comprehensive Income: The company's total comprehensive income reached Rs 18.02 lakhs, a substantial improvement from a loss of Rs 313.59 lakhs in the same period last year.
Earnings Per Share: Basic and diluted earnings per share stood at Rs 0.02.

Financial Performance Analysis

Particulars (Rs. in Lakhs)	Q1 Current	Q1 Previous	YoY Change
Revenue from Operations	4.68	103.97	-95.50%
Other Income	67.36	4.00	1,584.00%
Total Income	72.05	107.97	-33.27%
Total Expenses	65.02	413.81	-84.29%
Profit Before Tax	7.03	-314.84	N/A
Net Profit After Tax	5.28	-314.84	N/A

Key Observations

Revenue Decline: The company experienced a significant 95.50% year-over-year decrease in revenue from operations, which could be a cause for concern.
Other Income Boost: A substantial increase in other income, rising by 1,584% year-over-year, played a crucial role in offsetting the revenue decline.
Cost Management: Total expenses decreased by 84.29%, indicating effective cost control measures implemented by the company.
Profitability Turnaround: Despite the revenue slump, Glittek Granites managed to turn a profit, primarily due to increased other income and reduced expenses.

Additional Information

The company operates primarily within a single business segment.
No exceptional items were reported during the quarter.
The financial results were reviewed by statutory auditors GRV & PK Chartered Accountants, who issued an unmodified review report.

Glittek Granites' ability to achieve profitability despite a significant revenue decline highlights the importance of diversified income streams and effective cost management in challenging market conditions. Investors and stakeholders will likely be watching closely to see if the company can sustain this positive trend and improve its core operational revenue in the coming quarters.

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