Are High Energy Batteries (India) Ltd latest results good or bad?
The net profit for the quarter was ₹2.01 crores, which represents a substantial sequential increase of 157.69% from ₹0.78 crores in the prior quarter, and an 11.67% increase from ₹1.80 crores year-on-year. However, this profit was heavily reliant on non-operating income, which accounted for 151.29% of profit before tax, raising concerns about the sustainability and quality of earnings. Without this non-operating income cushion, the company would have faced a pre-tax loss.
The financial performance indicates that while sales have rebounded, the underlying operational efficiency is under pressure, with rising employee costs and other operational expenses contributing to the negative operating profit before depreciation, interest, and tax, which fell to ₹-0.73 crores from ₹0.75 crores in the previous quarter.
Furthermore, the company has experienced a decline in return on equity (ROE), which now stands at 13.50%, significantly lower than its historical average of 27.76%. The balance sheet remains strong, with no long-term debt and growing shareholder funds, but cash flow from operations has sharply decreased, highlighting potential working capital management issues.
Overall, High Energy Batteries (India) Ltd's latest results illustrate a scenario where revenue growth is overshadowed by operational distress and quality concerns regarding earnings, warranting careful scrutiny from investors. The company saw an adjustment in its evaluation, reflecting these ongoing challenges.
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