Kanishk Steel Industries Reports Decline in Financial Performance for Q1 2024
Kanishk Steel Industries, a microcap company in the iron and steel industry, recently announced its financial results for the quarter ending March 2024. The company's stock has been given a 'Sell' call by MarketsMOJO.
According to the financial report, Kanishk Steel has seen a negative performance in the quarter, with a score of -12 compared to -3 in the previous quarter. This indicates a decline in the company's financial health.
One of the major factors contributing to this decline is the Profit Before Tax (PBT) less Other Income, which has fallen by -1008.6% to Rs -4.85 crore in the quarter. This is significantly lower than the average PBT of the previous four quarters, which was Rs -0.44 crore. The trend for PBT in the near term is also negative.
Similarly, the Profit After Tax (PAT) has also seen a significant decline of -396.6% to Rs -3.50 crore in the quarter. This is much lower than the average PAT of the previous four quarters, which was Rs 1.18 crore. The near term trend for PAT is also negative.
In addition, the company's PBT less Other Income in the quarter is the lowest in the last five quarters, indicating a negative trend in the near term. The Earnings per Share (EPS) in the quarter is also the lowest in the last five quarters at Rs -1.23. This shows a decline in profitability and lower earnings for shareholders.
Overall, the financial results for the quarter ending March 2024 have not been favorable for Kanishk Steel Industries. Investors are advised to take note of the negative trends and the 'Sell' call given by MarketsMOJO before making any investment decisions.
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