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Gconnect Logitech and Supply Chain Ltd reported flat to mildly lower first-half results. Total income rose marginally to Rs. 256.86 lakh from Rs. 252.71 lakh, while income from operations was nearly unchanged at Rs. 251.55 lakh (vs Rs. 252.71 lakh). Profit before tax slipped to Rs. 22.05 lakh from Rs. 23.01 lakh, and net profit fell to Rs. 16.05 lakh from Rs. 17.03 lakh, taking basic EPS to Rs. 0.43 (vs Rs. 0.46). On the balance sheet, the company sharply cut short-term borrowings from Rs. 73.98 lakh to Rs. 4.00 lakh, while trade receivables rose to Rs. 316.21 lakh from Rs. 264.38 lakh. Operating cash flow turned strongly positive at Rs. 74.64 lakh compared with a Rs. 206.82 lakh outflow in the prior full year. The auditor (NGST & Associates) issued an unqualified limited review report.
Results are largely flat with a small dip in profits and EPS, but the company has meaningfully deleveraged and swung to positive operating cash flow, which is a positive sign for shareholders despite muted top-line growth.