Mitshi India Limited Reports 49% Increase in Q2 FY24 Total Income
Mitshi India Limited announced its Q2 FY24 results, showing a 49.4% year-on-year increase in total income to Rs 828.04 lacs. The company's cash and cash equivalents rose to Rs 92.77 lacs from Rs 18.95 lacs. The financial results were approved by the Board after review by the Audit Committee and limited review by statutory auditors. A pending sales tax demand of Rs 380.94 lakhs, currently under appeal, remains a contingent liability.
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Mitshi India Limited , a company listed on the Indian stock exchanges, has released its financial results for the quarter and half year ended September 30, 2023. The company's Board of Directors approved the standalone unaudited financial results, which were reviewed by the Audit Committee and subjected to a limited review by statutory auditors.
Financial Highlights
- Total Income: Rs 828.04 lacs for the quarter ended September 30, 2023
- Year-on-Year Growth: 49.4% increase from Rs 554.39 lacs in the previous comparable period
- Cash and Cash Equivalents: Increased to Rs 92.77 lacs from Rs 18.95 lacs in the previous period
Financial Results Overview
Mitshi India Limited demonstrated strong financial performance in the second quarter of the fiscal year 2023-24. The company's total income saw a significant year-on-year growth of 49.4%, rising from Rs 554.39 lacs in the previous comparable period to Rs 828.04 lacs in the current quarter.
Improved Liquidity Position
The company's liquidity position showed marked improvement, with cash and cash equivalents increasing substantially to Rs 92.77 lacs from Rs 18.95 lacs in the previous period. This represents a 389% increase in cash holdings, potentially strengthening the company's financial flexibility and ability to manage short-term obligations.
Audit and Compliance
The financial results underwent a thorough review process:
- The Audit Committee reviewed the results
- The Board of Directors subsequently adopted the financial statements
- Statutory auditors conducted a limited review and issued an unmodified review report, indicating that no significant issues were found in the financial statements
Ongoing Legal Matter
It's worth noting that Mitshi India Limited has an outstanding sales tax demand of Rs 380.94 lakhs. The company has filed an appeal against this demand, which is currently pending. This legal matter represents a contingent liability that investors and stakeholders should be aware of.
Conclusion
Mitshi India Limited's financial results for Q2 FY24 reflect a strong growth in total income and an improved cash position. However, the pending sales tax appeal remains a point of consideration for the company's financial outlook. As always, investors are advised to consider both the growth indicators and potential risks when evaluating the company's performance.
Historical Stock Returns for Mitshi
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -2.58% | -1.47% | +0.07% | -5.58% | -16.94% | -39.21% |
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