Smruthi Organics Reports Net Loss of Rs 109.54 Lakhs in Q1
Smruthi Organics, a bulk drugs manufacturer, announced unaudited Q1 results showing a 30.36% year-over-year revenue decline to Rs 1,899.21 lakhs. Net loss widened to Rs 109.54 lakhs from Rs 92.30 lakhs in the previous year. Total expenses of Rs 2,063.30 lakhs exceeded total revenue of Rs 1,907.97 lakhs. The API segment generated Rs 1,893.58 lakhs in revenue with Rs 53.21 lakhs in result before interest and taxes. The Board approved these results on August 13, and auditors Gokhale & Sathe conducted a limited review.
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Smruthi Organics , a manufacturer of bulk drugs, drug intermediates, and formulations, has announced its unaudited financial results for the first quarter. The company's performance shows a decline in revenue and an increased net loss compared to the same quarter last year.
Financial Highlights
Revenue Decline: The company's revenue from operations decreased to Rs 1,899.21 lakhs, down from Rs 2,727.27 lakhs in the corresponding quarter of the previous year, marking a significant year-over-year decline of 30.36%.
Widening Losses: Smruthi Organics reported a net loss of Rs 109.54 lakhs for the quarter, compared to a net loss of Rs 92.30 lakhs in the same quarter of the previous year.
Total Expenses: The company's total expenses stood at Rs 2,063.30 lakhs, exceeding the total revenue of Rs 1,907.97 lakhs.
Loss Before Tax: The loss before tax increased to Rs 155.33 lakhs.
Earnings Per Share: The basic and diluted earnings per share (EPS) for the quarter were negative Rs 0.96.
Segment Performance
The company's operations are primarily focused on the API (Active Pharmaceutical Ingredients) segment, with formulations as a minor segment:
| Segment | Revenue (Rs Lakhs) | Result Before Interest and Taxes (Rs Lakhs) |
|---|---|---|
| API | 1,893.58 | 53.21 |
| Formulation | 13.90 | 7.17 |
Management Approval
The Board of Directors of Smruthi Organics approved these financial results at a meeting held on August 13. The meeting commenced at 10:30 am and concluded at 01:25 pm.
Auditor's Review
Gokhale & Sathe, Chartered Accountants, conducted a limited review of the unaudited financial results for the quarter. The auditors stated 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.
Conclusion
Smruthi Organics faces challenges as it navigates through a difficult quarter with decreased revenue and increased losses. The company's performance in the coming quarters will be crucial in determining its financial trajectory.
Historical Stock Returns for Smruthi Organics
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -2.95% | +0.36% | -2.58% | -2.01% | -1.44% | +1.04% |
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