Sales up 21% in September quarter, but profit is nearly flat
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The board approved September-quarter results; auditors found no material issue. Group revenue rose 21.3% year on year to Rs 2,037.11 crore, while net profit edged up 1.0% to Rs 56.07 crore. Earnings per share was Rs 4.73. Half-year revenue rose 21.6% to Rs 3,916.71 crore, but net profit fell 8.8% to Rs 89.24 crore. Cash from operations fell to Rs 162.21 crore from Rs 315.29 crore as inventory rose. It also allotted 19,095 shares to employees.
Sales growth supports optimism, but flat quarterly profit, lower half-year profit and weaker cash flow may weigh on sentiment; dilution is negligible.