Sharda Ispat Reports Q1 Results; Revenue Dips, Profit Declines
Sharda Ispat Limited's Q1 FY2024 results show significant declines in financial performance. Revenue from operations fell 41.7% to Rs. 27.82 crore, while net profit after tax dropped 90.4% to Rs. 28.39 lakh compared to the same quarter last year. The company's Board approved re-appointments of statutory and cost auditors, and appointed new secretarial auditors, all subject to shareholder approval at the upcoming AGM.
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Sharda Ispat Limited , a prominent player in the iron and steel industry, has released its unaudited financial results for the first quarter ending June 30. The company's performance shows a significant decline in both revenue and profitability compared to the same period last year.
Financial Performance
The company reported a revenue from operations of Rs. 27.82 crore for Q1, marking a substantial decrease of 41.7% from Rs. 47.76 crore in the corresponding quarter of the previous year. The total income, including other income, stood at Rs. 28.83 crore, down from Rs. 48.36 crore in the same period last year.
Sharda Ispat's net profit after tax witnessed a sharp decline, falling to Rs. 28.39 lakh from Rs. 2.96 crore in the year-ago quarter, representing a 90.4% decrease. Consequently, the earnings per share (EPS) dropped to Rs. 0.56 from Rs. 5.84 in the corresponding period.
Here's a breakdown of the key financial metrics:
| Particulars (Rs. in Lakhs) | Q1 Current | Q1 Previous | YoY Change |
|---|---|---|---|
| Revenue from Operations | 2,781.96 | 4,775.82 | -41.7% |
| Total Income | 2,883.02 | 4,835.60 | -40.4% |
| Net Profit After Tax | 28.39 | 296.42 | -90.4% |
| EPS (in Rs.) | 0.56 | 5.84 | -90.4% |
Board Decisions and Auditor Appointments
In addition to the financial results, Sharda Ispat's Board of Directors made several key decisions during their meeting:
Statutory Auditors Re-appointment
The Board approved the re-appointment of M/s. Panpaliya Taori & Co., Chartered Accountants, as the Statutory Auditors for a second term of five consecutive years. This decision is subject to shareholder approval at the upcoming 64th Annual General Meeting (AGM).
Cost Auditors Re-appointment
M/s. Narendra Peshne & Associates, Cost & Management Accountants, were re-appointed as the Cost Auditors. Their remuneration is subject to ratification by shareholders at the ensuing AGM.
Secretarial Auditors Appointment
The Board approved the appointment of M/s. Sunil Kumar Sharma & Associates, Practicing Company Secretaries, as the Secretarial Auditors for a period of five years. This appointment is also subject to shareholder approval at the upcoming AGM.
The unaudited financial results were reviewed by the Audit Committee and approved by the Board of Directors. The Limited Review Report issued by the Statutory Auditors expressed an unmodified opinion on the results.
Sharda Ispat Limited continues to operate in a single segment, iron and steel, as per Indian Accounting Standard (Ind AS) 108.
The Board Meeting, which commenced at 3:00 p.m., concluded at 4:00 p.m. on the same day.
Historical Stock Returns for Sharda Ispat
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -4.48% | -5.02% | -15.13% | -38.11% | -39.38% | +334.09% |
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