Pankaj Polymers Reports Widened Loss in Q1 Amid Revenue Growth
Pankaj Polymers Limited reported a net loss of Rs 17.31 lakhs for Q1, a 207.5% increase from the previous year's Rs 5.63 lakhs loss. Revenue from operations grew by 49.5% to Rs 45.97 lakhs, and total income increased by 29.8% to Rs 64.98 lakhs. However, total expenses rose by 36.6% to Rs 76.35 lakhs, outpacing revenue growth. The company's EPS declined to -Rs 0.31 from -Rs 0.10 in the previous year. The board approved these unaudited financial results on August 6, which were reviewed by Luharuka & Associates, Chartered Accountants.
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Pankaj Polymers Limited, a Secunderabad-based company, has reported a significant increase in its net loss for the first quarter. The company's financial results, approved by the board of directors on August 6, reveal a challenging start despite growth in revenue.
Financial Performance
The unaudited financial results for the quarter show:
| Particulars (Rs. in Lakhs) | Q1 Current | Q1 Previous | % Change |
|---|---|---|---|
| Revenue from Operations | 45.97 | 30.75 | +49.5% |
| Total Income | 64.98 | 50.07 | +29.8% |
| Total Expenses | 76.35 | 55.90 | +36.6% |
| Net Loss | -17.31 | -5.63 | -207.5% |
| Earnings Per Share (Rs.) | -0.31 | -0.10 | -210.0% |
Pankaj Polymers reported a net loss of Rs 17.31 lakhs for the quarter, a substantial increase from the Rs 5.63 lakhs loss recorded in the same period last year. This represents a 207.5% widening of losses year-over-year.
Revenue Growth and Increased Expenses
Despite the increased losses, the company saw significant growth in its revenue from operations, which rose to Rs 45.97 lakhs from Rs 30.75 lakhs in the previous year's quarter, marking a 49.5% increase. The total income for the quarter also improved, reaching Rs 64.98 lakhs compared to Rs 50.07 lakhs in the previous Q1, a 29.8% growth.
However, the company's expenses outpaced its revenue growth. Total expenses rose to Rs 76.35 lakhs from Rs 55.90 lakhs, a 36.6% increase year-over-year. This surge in expenses contributed to the widened losses for the quarter.
Other Financial Metrics
The earnings per share (EPS) for the quarter stood at negative Rs 0.31, compared to negative Rs 0.10 in the same quarter of the previous fiscal year. The company's paid-up equity share capital remained unchanged at Rs 554.39 lakhs, with a face value of Rs 10 per share.
Board Meeting and Auditor's Review
The financial results were reviewed and recommended by the Audit Committee and subsequently approved by the Board of Directors in a meeting held on August 6. The meeting commenced at 12:00 Noon and concluded at 12:45 p.m.
Luharuka & Associates, Chartered Accountants, conducted a limited review of the unaudited financial results. Their report states that 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.
The company has prepared these financial results in accordance with Indian Accounting Standards as prescribed under section 133 of the Companies Act, 2013, and they are available on Pankaj Polymers' official website.
Historical Stock Returns for Pankaj Polymers
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| 0.0% | -0.75% | +54.71% | +72.46% | +125.56% | +628.53% |
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