Galaxy Bearings Reports Negative Performance in Q2 2024 Financial Results
Galaxy Bearings, a microcap company in the bearings industry, recently announced its financial results for the quarter ending June 2024. The company's stock has been given a 'Sell' call by MarketsMOJO.
According to the financial report, Galaxy Bearings has seen a negative performance in the quarter, with a score of -11 compared to -4 in the previous quarter. This decline can be attributed to various factors.
One of the major concerns for the company is its net sales, which have fallen by -21.39% year on year, standing at Rs 22.75 crore. This is the lowest net sales in the last five quarters, indicating a negative trend in the near term. Additionally, the operating profit (PBDIT) for the quarter is also at its lowest in the last five quarters, standing at Rs 3.20 crore. The same trend can be seen in the profit before tax (PBT) less other income, which is also at its lowest in the last five quarters at Rs 2.46 crore.
Another concerning factor is the company's non-operating income, which is 46.64% of the PBT. This means that a significant portion of the company's income is coming from non-business activities, which is not a sustainable business model.
Moreover, the earnings per share (EPS) for the quarter is at its lowest in the last five quarters, standing at Rs 10.44. This indicates a decline in profitability and lower earnings for shareholders.
Overall, the financial results for the quarter ending June 2024 have not been favorable for Galaxy Bearings. Investors should carefully consider these factors before making any investment decisions.
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