MIRC Electronics Reports Negative Financial Performance in Q1 2024
MIRC Electronics, a microcap company in the consumer durables 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 financials, MIRC Electronics has seen a negative performance in the quarter, with a score of -12 compared to 8 in the previous quarter. However, there are some positive aspects to the company's performance. The net sales for the quarter were the highest in the last five quarters at Rs 296.83 crore, with a positive trend in the near term. Additionally, the net sales have grown by 31.94% year on year, indicating a positive trend in the near term.
On the other hand, there are some areas where MIRC Electronics needs to improve. The profit before tax less other income (PBT) for the quarter has fallen by -591.46% year on year, with a very negative trend in the near term. The profit after tax (PAT) has also fallen by -598.2% year on year, with a very negative trend in the near term. The company's ability to manage interest payments has also deteriorated, with the operating profit to interest ratio being the lowest in the last five quarters. The interest cost has also increased, indicating higher borrowings.
The operating profit (PBDIT) for the quarter was the lowest in the last five quarters at Rs -46.00 crore, with a negative trend in the near term. The operating profit margin was also the lowest in the last five quarters at -15.50%, indicating a decline in the company's efficiency. The PBT for the quarter was also the lowest in the last five quarters at Rs -51.79 crore, with a negative trend in the near term. The earnings per share (EPS) for the quarter were also the lowest in the last five quarters at Rs -2.21, showing a decline in profitability and lower earnings for shareholders.
Overall, MIRC Electronics has seen a negative financial performance in the quarter ending March 2024. While there are some positive aspects, there are also areas where the company needs to improve. Investors should carefully consider these factors before making any investment decisions.
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