Asahi India Glass Reports Flat Q1 Results, Stock Rated 'Hold' by MarketsMOJO
Asahi India Glass, a midcap company in the glass industry, recently announced its financial results for the quarter ending June 2024. According to the report released on July 31, 2024, the company's stock call by MarketsMOJO is 'Hold'.
The financial performance for the quarter has remained flat, with a slight improvement in the score from -7 to -3 in the last three months. However, there are some positive and negative aspects to consider based on the June 2024 financials.
On the positive side, Asahi India Glass has recorded its highest net sales in the last five quarters, reaching Rs 1,132.66 crore. The near-term sales trend is also showing a positive trend.
On the other hand, the company's debt-equity ratio has reached its highest level in the last five half-yearly periods at 0.84 times. This indicates that the company is relying more on borrowing to fund its operations, which could potentially lead to a stressed liquidity situation. Additionally, the non-operating income for the quarter has also reached its highest level in the last five quarters at Rs 3.17 crore. However, this increase in income from non-business activities may not be sustainable.
Overall, Asahi India Glass has shown a mixed performance in the quarter ending June 2024. Investors are advised to hold their stock and closely monitor the company's financials in the upcoming quarters.
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