Scan Steels Reports Negative Financial Results for Q4 2023, Receives 'Hold' Call from MarketsMOJO
Scan Steels, a microcap company in the iron and steel industry, recently announced its financial results for the quarter ending December 2023. According to the report released on January 30, 2024, the company's stock has been given a 'Hold' call by MarketsMOJO.
However, the financial performance of Scan Steels for the quarter has been negative, with a score of -6 compared to -1 in the previous three months. This indicates a decline in the company's overall performance.
The key areas that have contributed to this negative trend are the Profit After Tax (PAT), Net Sales, Interest, and Profit Before Tax less Other Income (PBT). The PAT for the quarter was at Rs 1.57 crore, which is a significant decrease of 45.1% compared to the average PAT of the previous four quarters at Rs 2.86 crore. The net sales for the quarter were at Rs 219.48 crore, a decline of 17.4% compared to the average net sales of the previous four quarters at Rs 265.66 crore. The interest cost has also increased by 35.18% quarter on quarter, indicating a rise in borrowings. The PBT for the quarter was at Rs 2.10 crore, a decrease of 16.0% compared to the average PBT of the previous four quarters at Rs 2.50 crore.
Moreover, the net sales for the quarter were the lowest in the last five quarters, further highlighting the negative trend in the company's performance.
In conclusion, the financial results for the quarter ending December 2023 have not been favorable for Scan Steels. The company's stock has been given a 'Hold' call by MarketsMOJO, and the financial data suggests a negative trend in key areas.
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