Fine Organic Industries Reports Decline in Sales and Profits for Q1 2024
Fine Organic Industries, a midcap company in the chemicals industry, recently announced its financial results for the quarter ending March 2024. The results have been declared on May 10, 2024.
According to MarketsMOJO, a leading stock market analysis platform, the stock call for Fine Organic is 'Sell'. This is based on the negative financial performance of the company in the last quarter. However, there has been a slight improvement in the overall score, which has gone from -21 to -7 in the last three months.
The company's net sales for the half-yearly period have shown a decline of -23.66% year on year, standing at Rs 1,035.28 crore. This indicates a negative trend in the near term. Similarly, the profit after tax (PAT) for the nine-month period has also decreased by -31.80% year on year, with a total of Rs 312.56 crore. The near term trend for PAT is also negative.
One positive aspect in the financials is the non-operating income for the quarter, which has been the highest in the last five quarters at Rs 22.83 crore. However, experts suggest that this increase in income from non-business activities may not be sustainable.
Overall, the financial results for the quarter ending March 2024 have not been favorable for Fine Organic Industries. The company will need to address the declining sales and profits in order to improve its performance in the future.
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