September quarter profit rises 34% as revenue falls 13% year on year
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On the reaction day the stock moved 5.3 pts less than Nifty Microcap 250 and 5.0 pts less than its Iron & Steel Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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September quarter revenue fell 12.6% to Rs 432.27 crore, but profit after tax rose 33.9% to Rs 34.56 crore, helped by lower material costs and a Rs 7.15 crore government incentive. In the first half, revenue fell 4.8% to Rs 865.97 crore and profit rose 4.9% to Rs 54.46 crore. Operating cash flow doubled to Rs 70.91 crore. Aichi Steel invested Rs 384.91 crore, raising its stake to 24.90%. The auditor's review was unmodified.
Profit growth and stronger cash flow are positive, but falling sales and dilution from the new share issue may weigh on stock sentiment.