Permanent Magnets Reports Decline in Financial Performance for Q1 2024
Permanent Magnets, a microcap engineering company, has recently announced its financial results for the quarter ending March 2024. The company's stock has been given a 'Strong Sell' call by MarketsMOJO.
According to the financial report, Permanent Magnets has seen a negative performance in the quarter, with a score of -13 compared to -10 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 less Other Income (PBT) which has fallen by 62.99% year on year, standing at Rs 4.03 crore. The company's Profit After Tax (PAT) for the half-yearly period has also decreased by 51.82% year on year, at Rs 8.62 crore. This trend is expected to continue in the near term.
The company's Operating Profit Margin for the quarter is at its lowest at 13.16%, showing a decline in efficiency. The Operating Profit (PBDIT) for the quarter is also at its lowest in the last five quarters, at Rs 7.05 crore. The company's profitability has been on a downward trend, with the lowest Earnings per Share (EPS) of Rs 4.72 in the last five quarters.
Overall, Permanent Magnets has reported a negative financial performance for the quarter ending March 2024. Investors are advised to take note of the company's declining profitability and make informed decisions.
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