Board approved Q2 results; profit up 18.5%, half-year profit down 25.4%
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On the reaction day the stock moved 3.1 pts more than Nifty Microcap 250 and 2.3 pts more than its Diversified peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Q2 revenue was Rs 203.57 crore, up 2.6%, and profit after tax rose 18.5% to Rs 20.39 crore. Half-year revenue rose 5.8% to Rs 430.00 crore, but reported profit before tax fell 39.1% to Rs 38.95 crore and profit after tax fell 25.4% to Rs 33.39 crore. The prior-year half included a net one-off land sale gain of Rs 19.77 crore. Protective Devices posted a Q2 loss of Rs 10.25 crore. It also updated its policy for dealings with connected parties.
The prior-year one-off makes the reported half-year fall look steeper. Q2 profit growth helps, but the larger Protective Devices loss is a concern.