B N Rathi Securities Reports Strong Q2 FY24 Growth Amid Long-Term Concerns

B N Rathi Securities, a microcap player in the finance/NBFC sector, has recently undergone an adjustment in evaluation, reflecting a nuanced view of its financial standing. The company has reported positive financial performance for the second quarter of FY24, showcasing a notable growth trajectory. The profit after tax (PAT) for the half-year reached Rs 7.56 crore, marking a growth of 40.78%, while net sales for the same period stood at Rs 28.00 crore, reflecting a growth of 24.06%. Additionally, the company achieved its highest quarterly PBDIT at Rs 2.75 crore.
Despite these positive indicators, the long-term fundamental strength appears to be weak, with an average return on equity (ROE) of 16.33%. The stock is currently trading at a premium compared to its historical valuations, with a price-to-book value ratio of 3. Over the past year, B N Rathi Securities has generated a return of 81.49%, outpacing the BSE 500 index over various time frames.

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