Rishi Techtex Reports 67% Jump in Q1 Profit, Revenue Up 10.3%
Rishi Techtex Limited, a manufacturer of plastic bags and shade nets, has reported strong financial results for Q1 FY2024. Net profit increased by 67% to Rs 65.43 lakhs, while revenue from operations grew by 10.3% to Rs 3,027.60 lakhs. The company's total income rose to Rs 3,039.58 lakhs, and EPS improved to Rs 0.89. Despite an increase in expenses, Rishi Techtex managed to significantly improve its bottom line through increased operational efficiency and higher sales. The unaudited financial results were approved by the Board of Directors on August 5.
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Rishi Techtex Limited, a manufacturer of plastic bags and shade nets, has reported a significant increase in its financial performance for the quarter ended June 30. The company's unaudited financial results, approved by the Board of Directors on August 5, reveal substantial growth in both revenue and profitability.
Financial Highlights
- Net Profit: Rs 65.43 lakhs, up 67% from Rs 39.19 lakhs in the corresponding quarter
- Revenue from Operations: Rs 3,027.60 lakhs, a 10.3% increase from Rs 2,745.94 lakhs in the previous year
- Total Income: Rs 3,039.58 lakhs, compared to Rs 2,753.83 lakhs year-over-year
- Earnings Per Share (EPS): Improved to Rs 0.89 from Rs 0.53 in the corresponding quarter
Operational Performance
The company's growth in revenue and profitability can be attributed to increased operational efficiency and higher sales. Despite the rise in total expenses, Rishi Techtex managed to significantly improve its bottom line.
| Particulars (in Rs. Lakhs) | Current Quarter | Previous Quarter | % Change |
|---|---|---|---|
| Revenue from Operations | 3,027.60 | 2,745.94 | 10.3% |
| Total Income | 3,039.58 | 2,753.83 | 10.4% |
| Total Expenses | 2,946.92 | 2,699.32 | 9.2% |
| Net Profit | 65.43 | 39.19 | 67.0% |
| EPS (in Rs.) | 0.89 | 0.53 | 67.9% |
Cost Management
While the company saw an increase in expenses, it was proportionally lower than the revenue growth:
- Cost of Materials Consumed: Rose to Rs 2,313.15 lakhs
- Employee Benefit Expenses: Increased to Rs 332.03 lakhs
The management's ability to control costs while driving revenue growth has contributed to the improved profitability.
Company Overview
Rishi Techtex Limited specializes in manufacturing plastic bags and shade nets. The company maintains its paid-up equity share capital at Rs 739.10 lakhs.
Board Approval and Compliance
The unaudited financial results for the quarter were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on August 5. The results have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) and other applicable accounting practices and policies.
Investor Information
The detailed financial results are available on the company's website ( www.rishitechtex.com ) and the Bombay Stock Exchange website ( www.bseindia.com ), where the company's shares are listed.
Rishi Techtex's strong start to the quarter demonstrates its ability to grow revenue and improve profitability in its niche market. Investors and stakeholders will be watching closely to see if the company can maintain this momentum in the coming quarters.
Historical Stock Returns for Rishi Techtex
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.10% | +0.13% | +0.31% | -9.07% | -21.60% | +180.37% |
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