Q2 turns profitable; half-year revenue falls as property sale lifts profit
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On the reaction day the stock moved 2.6 pts more than Nifty Microcap 250 and 3.0 pts more than its Other Construction Materials peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Consolidated Q2 revenue was Rs 318.58 crore, up 4.1% year on year, and net profit was Rs 2.07 crore versus a Rs 18.17 crore loss. For the half year, revenue fell 6.5% to Rs 754.46 crore, but net profit was Rs 104.17 crore versus a Rs 21.42 crore loss, helped by a Rs 91.28 crore net one-off gain, mainly from the Podanur property sale. Profit before this gain and tax was Rs 40.70 crore. Auditor review was unmodified.
Profit rose sharply and cash flow was positive, but lower half-year revenue and reliance on a one-off property sale may cap the stock reaction.