Manaksia Steels' Financial Performance Declines in Q1 of 2024
Manaksia Steels, a microcap company in the iron and steel industry, recently declared its financial results for the quarter ending March 2024. However, the news is not positive as the company has seen a significant decline in its financial performance.
According to MarketsMOJO, the stock call for Manaksia Steels is 'Sell'. The company's financial score has fallen to -22 from 0 in the last three months, indicating a very negative trend.
The financials for the quarter ending March 2024 show a decline in key areas. The Profit Before Tax (PBT) has fallen by 57.5% to Rs 2.81 crore compared to the average PBT of the previous four quarters, which was Rs 6.61 crore. The Profit After Tax (PAT) has also fallen by 22.5% to Rs 5.66 crore compared to the average PAT of Rs 7.30 crore in the previous four quarters. The Net Sales have also seen a decline of 13.6% to Rs 162.91 crore compared to the average Net Sales of Rs 188.48 crore in the previous four quarters.
The company's interest cost has increased by 30.07% quarter on quarter, indicating increased borrowings. The Operating Profit to Interest ratio is at its lowest in the last five quarters, showing a deteriorating ability to manage interest payments. The Non-Operating Income is also high at 59.86% of the Profit Before Tax, which is not a sustainable business model.
The company's Earnings per Share (EPS) for the quarter is at its lowest in the last five quarters, indicating a decline in profitability and lower earnings for shareholders. Overall, the financial results for the quarter ending March 2024 are not favorable for Manaksia Steels.
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