I G Petrochemicals Reports Negative Financial Results for Q1 2024, Investors Advised to Hold Stock
I G Petrochemicals, a smallcap company in the chemicals industry, has recently declared its financial results for the quarter ending March 2024. According to the latest report, the company's stock has been given a 'Hold' call by MarketsMOJO.
The financial performance of I G Petrochemicals for the quarter has been negative, with a score of -14. However, this is an improvement from the previous quarter's score of -24. The company's profit before tax (PBT) has fallen by 87.8% to Rs 2.00 crore, compared to the average PBT of the previous four quarters which was Rs 16.42 crore. This indicates a very negative trend in the near term.
Similarly, the profit after tax (PAT) for the quarter has fallen by 47.3% to Rs 9.04 crore, compared to the average PAT of the previous four quarters which was Rs 17.16 crore. The company's interest cost has also increased by 15.75% (QoQ), with the highest interest expense of Rs 9.48 crore in the last five quarters. This suggests an increase in borrowings.
Moreover, the company's non-operating income for the quarter is 82.22% of its PBT, indicating a high income from non-business activities. This may not be a sustainable business model. The non-operating income for the quarter is also the highest in the last five quarters at Rs 9.25 crore, which may not be sustainable in the long run.
Overall, the financial results for the quarter ending March 2024 for I G Petrochemicals show a negative trend. Investors are advised to hold their stock and monitor the company's performance closely.
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