SAL Automotive Reports Decline in Q1 Financial Results, Receives 'Hold' Rating from MarketsMOJO
SAL Automotive, a microcap company in the auto ancillary industry, 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, SAL Automotive has seen a negative performance in the quarter, with a score of -7 compared to 7 in the previous quarter. This decline can be attributed to a decrease in net sales, which fell by 28.3% to Rs 60.78 crore compared to the average net sales of the previous four quarters, which was Rs 84.72 crore. This indicates a very negative trend in near term sales.
The company's profit after tax (PAT) for the half-yearly period also saw a decline of 48.45% year on year, with a total of Rs 1.83 crore. This further supports the negative trend in near term PAT.
In addition, SAL Automotive's net sales for the quarter were the lowest in the last five quarters, standing at Rs 60.78 crore. This also indicates a negative trend in near term sales.
Based on these financial results, MarketsMOJO has given a 'Hold' call for SAL Automotive's stock. The company will need to address these negative trends in order to improve its financial performance in the future.
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