Zenith Exports Reports Strong Q1 Results with 10x Jump in Net Profit
Zenith Exports Limited reported significant growth in Q1 FY24. Total income from operations rose 8.9% to Rs. 1,892.00 lakhs. Net profit after tax surged tenfold to Rs. 140.00 lakhs. EPS improved to Rs. 2.59. The Industrial Leather Hand Gloves/Made-ups segment was the largest revenue contributor at Rs. 1,239.00 lakhs. All segments showed improved profitability. The company's total assets stood at Rs. 10,125.00 lakhs with total liabilities of Rs. 1,725.00 lakhs. The 43rd AGM is scheduled for September 24 via video conferencing.
*this image is generated using AI for illustrative purposes only.
Zenith Exports Limited, a prominent player in the textile and leather industry, has reported a significant improvement in its financial performance for the first quarter. The company's unaudited financial results, approved by the Board of Directors on August 12, showcase substantial growth in both revenue and profitability.
Financial Highlights
- Total income from operations increased by 8.9% to Rs. 1,892.00 lakhs, compared to Rs. 1,738.00 lakhs in the same quarter last year.
- Net profit after tax surged dramatically to Rs. 140.00 lakhs from Rs. 14.00 lakhs in the previous year's quarter, marking a tenfold increase.
- Earnings per share improved substantially to Rs. 2.59, up from Rs. 0.26 in the corresponding period.
Segment Performance
The Industrial Leather Hand Gloves/Made-ups segment remained the largest revenue contributor, accounting for 69.2% of total revenue at Rs. 1,239.00 lakhs. The company's diversified portfolio also includes:
- Silk Fabrics/Made-ups: Rs. 285.00 lakhs
- EOU-Silk Fabrics: Rs. 266.00 lakhs
Profitability Analysis
Zenith Exports demonstrated improved profitability across its segments:
| Segment | Profit before Tax and Interest (Rs. lakhs) |
|---|---|
| Silk Fabrics/Made-ups | 182.00 |
| Industrial Leather Hand Gloves/Made-ups | 38.00 |
| EOU-Silk Fabrics | 15.00 |
Notably, the EOU-Silk Fabrics segment turned profitable compared to a loss in the previous quarter.
Balance Sheet Strength
As of June 30, Zenith Exports reported:
- Total assets of Rs. 10,125.00 lakhs
- Total liabilities of Rs. 1,725.00 lakhs
- Equity share capital remained stable at Rs. 540.00 lakhs
Corporate Governance
The Board of Directors has announced several key corporate governance measures:
- The 43rd Annual General Meeting (AGM) is scheduled for September 24, to be held via video conferencing.
- Mr. Vivek Mishra, a Practicing Company Secretary, has been appointed as the scrutinizer for the AGM.
- The Board has approved the appointment of Mr. Rajkumar Loyalka as a consultant to the company.
Conclusion
Zenith Exports Limited's impressive Q1 results demonstrate the company's ability to drive growth and profitability. With a diverse product portfolio and improved segment performance, the company appears well-positioned for continued success in the coming quarters.
Investors and stakeholders can access the detailed financial results on the company's website and the stock exchange portals for further information.
Historical Stock Returns for Zenith Exports
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -2.70% | -12.02% | +9.12% | +18.59% | -3.61% | +507.94% |
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