Standard Industries Reports ₹102 Crore Net Loss in Q1, Revenue Surges 53%
Standard Industries Limited announced its Q1 FY24 results, reporting a consolidated net loss of ₹101.99 crore, an improvement from the ₹137.97 crore loss in Q1 FY23. Revenue from operations increased by 53.5% to ₹1,049.49 crore. The trading segment was the primary revenue generator at ₹796.84 crore, followed by manufacturing at ₹252.65 crore. The property division reported no revenue but incurred a loss of ₹41.38 crore. Total expenses were ₹1,447.66 crore, with finance costs at ₹66.09 crore. The company's EPS improved to -₹0.16 from -₹0.21 in the previous year.
*this image is generated using AI for illustrative purposes only.
Standard Industries Limited , a diversified company operating in property, trading, and manufacturing sectors, has announced its financial results for the first quarter of the fiscal year, ending June 30.
Financial Performance
The company reported a consolidated net loss of ₹101.99 crore for Q1, showing an improvement from the ₹137.97 crore loss recorded in the same quarter of the previous year. Despite the continued losses, Standard Industries witnessed a significant uptick in its revenue from operations, which rose to ₹1,049.49 crore, marking a substantial 53.5% increase from ₹683.70 crore in the corresponding quarter of the previous year.
Segment-wise Performance
Standard Industries' performance across its business segments for Q1 was as follows:
| Segment | Revenue (₹ in crore) | Profit/(Loss) (₹ in crore) |
|---|---|---|
| Trading | 796.84 | 32.31 |
| Manufacturing | 252.65 | 1.64 |
| Property Division | - | (41.38) |
The trading division emerged as the primary revenue generator, contributing ₹796.84 crore to the quarterly revenue. The manufacturing segment added ₹252.65 crore, while the property division did not report any revenue for the quarter.
Operational Highlights
- Total expenses for the quarter stood at ₹1,447.66 crore, with significant contributions from purchases of stock-in-trade and other expenses.
- The company's finance costs amounted to ₹66.09 crore for the quarter.
- Depreciation and amortization expenses were reported at ₹67.09 crore.
Balance Sheet Overview
As of June 30, Standard Industries reported:
- Total segment assets of ₹8,055.64 crore
- Total segment liabilities of ₹783.03 crore
- Unallocable assets of ₹9,074.21 crore
- Unallocable liabilities of ₹4,502.68 crore
Earnings Per Share
The basic and diluted earnings per share (EPS) for the quarter were both negative at ₹0.16, compared to negative ₹0.21 in the corresponding quarter of the previous year.
Management Commentary
The company's board of directors approved these unaudited financial results at a meeting held on August 1. Standard Industries continues to focus on its core business segments while managing its property division, which comprises assets in excess of business needs that the company may liquidate based on market conditions.
Standard Industries maintains its investment of ₹5,969.82 lakhs in its wholly-owned subsidiary, Standard Salt Works Limited, citing the long-term strategic nature of the investment in leasehold rights to salt pans and the growth prospects of the subsidiary.
Investors and stakeholders seeking additional information or wishing to register complaints can use the company's dedicated email: standardgrievances@rediffmail.com .
The company's financial performance reflects a mixed picture with improved revenues but continued losses. Standard Industries' focus on its trading and manufacturing segments appears to be driving top-line growth, while efforts to manage expenses and improve profitability across all divisions continue.
Historical Stock Returns for Standard Industries
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.84% | -2.56% | -1.69% | -6.24% | -34.41% | +99.36% |
19
