Deep Industries reports mixed financial results for Q1 2024, with both positive and negative trends
Deep Industries, a smallcap company in the oil exploration and refineries industry, recently announced its financial results for the quarter ending March 2024. The company's stock has been given a 'Hold' call by MarketsMOJO.
According to the financials, Deep Industries has seen a negative performance in the quarter, with a score of -6 compared to 0 in the previous quarter. However, there are some positive aspects to the company's performance. The net sales for the quarter were the highest in the last five quarters at Rs 119.66 crore, with a positive trend in the near term. The profit after tax (PAT) for the quarter was also the highest in the last five quarters at Rs 35.59 crore, with a positive trend in the near term.
On the other hand, there are some areas of concern for Deep Industries. The interest cost for the half-yearly period has increased by 123.75%, indicating a rise in borrowings. The company's ability to manage interest payments has also deteriorated, with the operating profit to interest ratio being the lowest in the last five quarters. The operating profit (PBDIT) for the quarter was also the lowest in the last five quarters at Rs 37.83 crore, with a negative trend in the near term. The operating profit margin for the quarter was also the lowest in the last five quarters, indicating a decline in the company's efficiency. The profit before tax (PBT) less other income for the quarter was also the lowest in the last five quarters at Rs 27.86 crore, with a negative trend in the near term. The company's non-operating income was the highest in the last five quarters at Rs 11.22 crore, but this may not be sustainable as it comes from non-business activities.
Overall, Deep Industries has had a mixed financial performance in the quarter ending March 2024. While there are some positive aspects, there are also areas of concern that the company needs to address. Investors are advised to hold their stock and monitor the company's performance closely.
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