Riddhi Corporate Services Reports Mixed Financial Results Amidst Growth and Operational Challenges in December 2024
Riddhi Corporate Services has recently reported its financial results for the quarter ending December 2024, showcasing a mix of positive and challenging trends. The company has experienced notable growth in net sales, which reached Rs 59.68 crore, reflecting a significant year-on-year increase of 96.83%. Additionally, the profit after tax (PAT) surged to Rs 8.06 crore, marking a remarkable growth of 403.8% compared to the previous year. This PAT figure is the highest recorded in the last five quarters, indicating a strong performance in profitability.However, not all aspects of the financial results are favorable. The profit before tax less other income (PBT) has seen a substantial decline, falling to Rs 0.19 crore, which represents a year-on-year decrease of 86.99%. Furthermore, the operating profit has reached its lowest point in five quarters at Rs 6.46 crore, and the operating profit margin has also decreased to 10.82%, suggesting challenges in operational efficiency. The reliance on non-operating income, which constitutes 97.39% of the PBT, raises concerns about the sustainability of the business model.
In light of these developments, Riddhi Corporate has undergone an adjustment in its evaluation, reflecting the complexities of its financial landscape.
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