Redtape's Q1 2024 Financial Results Show Mixed Performance, Investors Advised to Hold Stock
Redtape, a midcap consumer durables company, recently announced its financial results for the quarter ending March 2024. The company's stock has been given a 'Hold' call by MarketsMOJO.
According to the financial report, Redtape's performance for the quarter has been flat, with a score of -3 compared to 9 in the previous quarter. However, there are some positive and negative aspects to the company's financials.
On the positive side, Redtape's net sales for the half-yearly period have grown by 31.30% year on year, reaching Rs 1,124.43 crore. The near-term sales trend is also positive, indicating potential growth in the future.
On the other hand, the company's interest cost has increased by 28.31% over the previous half-yearly period, which could be a cause for concern as it signifies increased borrowings. Additionally, Redtape's profit before tax less other income (PBT) for the quarter has fallen by -8.3% compared to the average PBT of the previous four quarters. This indicates a negative trend in the near term.
Furthermore, Redtape's non-operating income for the quarter has been the highest in the last five quarters, at Rs 4.96 crore. However, this increase in income from non-business activities may not be sustainable.
Overall, Redtape's financial performance for the quarter ending March 2024 has been mixed, with some positive and negative aspects. Investors are advised to hold their stock and keep an eye on the company's future financial reports for a better understanding of its performance.
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