Surya Roshni Q1 net dropped 40.4 per cent to ₹ 22.24 crore
Lighting products maker, Surya Roshni Limited, has registered a 40.37 per cent decline in consolidated net profit in the first quarter that ended on June 30. Surya Roshni's net profit dipped to settle at ₹ 22.24 crore for the first quarter, as margins remained subdued.
In April-June quarter a year ago, Surya Roshni has had recorded a net profit of ₹ 37.30 crore, the leading manufacturer of Galvanized Steel (GI) pipes said in a regulatory filing.
Surya Roshni's revenue from operations during the quarter under review stood at ₹ 1,839.89 crore, an increase of 26.58 per cent from the coronavirus pandemic-hit corresponding quarter a year ago.
Surya Roshni's revenue from operations in the April-June quarter of financial year 2022 was at ₹ 1,453.48 crore.
The company said in a statement that: “The margins remain subdued due to steep fall in steel and commodity prices during Q1FY23 impacted profitability of steel pipes segment on a short-term basis and will be normalized, going forward."
In the April-June quarter period, Surya Roshni's revenue from “Steel Pipe & Strips" went up 21.42 per cent to ₹ 1,504.44 crore. This, against ₹ 1,239.01 crore of the corresponding quarter a year ago.
The company recorded its revenue from Lighting & Consumer Durables in the April-June quarter of FY23 at Rs 335.45 crore, a 56.24 per cent. It was at ₹ 214.69 crore a year ago.
"Revenue grew by 27 per cent in Q1 FY23 to ₹ 1,840 crore from ₹ 1,453 crore in Q1 FY22, with strong growth in value-added products across both the segments," it said.
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