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SOLARINDS Q2 2024 Results: Strong Revenue Growth and Increased Net Profit

SOLARINDS Q2 Financial Results

SOLARINDS Q2 Financial Results

Metric Sep 2024 Jun 2024 Sep 2023
Sales (Rs. Crore) 1716.00 1685.00 1347.00
Net Profit (Rs. Crore) 304.00 301.00 209.00
Operating Profit Margin 26% 27% 25%
Other Income (Rs. Crore) 36.00 26.00 8.00
EPS (Rs.) 31.59 31.66 22.12
Operating Profit (Rs. Crore) 445.00 449.00 335.00

SOLARINDS has reported a strong performance for Q2 2024, with growth in both revenue and net profit, reflecting the company’s continued resilience in the market.

Revenue and Operating Profit

The company posted revenue of Rs. 1716 crore for Q2 2024, which represents a growth of 27.4% from Rs. 1347 crore in the same quarter last year (Sep 2023). Compared to the previous quarter (Jun 2024), where revenue stood at Rs. 1685 crore, this marks a modest increase of Rs. 31 crore or 1.8%. SOLARINDS’ ability to consistently increase its revenue, despite a slight dip in the quarter-on-quarter comparison, highlights its strong market presence and product demand.

The operating profit for Q2 2024 was Rs. 445 crore, slightly lower than Rs. 449 crore in the previous quarter but higher than Rs. 335 crore in the same quarter last year. This improvement in operating profit from Sep 2023 to Sep 2024 underscores the company’s ability to maintain profitability despite challenges in the economic landscape. The operating profit margin for Q2 2024 is 26%, a small decrease from 27% in the previous quarter but an improvement over 25% in the same quarter last year.

Net Profit and EPS

SOLARINDS reported a net profit of Rs. 304 crore in Q2 2024, an increase of 45.5% compared to the Rs. 209 crore reported in the same quarter last year. Compared to the net profit of Rs. 301 crore in the previous quarter, this shows a slight but significant increase. The consistent profitability trend suggests SOLARINDS’ sound financial management and its ability to manage costs and drive growth effectively.

Earnings per share (EPS) for the current quarter stand at Rs. 31.59, a slight increase from Rs. 31.66 in the previous quarter, reflecting the stable financial performance. This is a significant jump from Rs. 22.12 EPS in the same quarter last year, signaling both operational and financial improvements.

Other Income

SOLARINDS reported Rs. 36 crore in other income for Q2 2024, a considerable increase from Rs. 26 crore in the previous quarter and Rs. 8 crore in the same quarter last year. This surge in other income could be attributed to non-operating gains or improved investment returns, providing an additional boost to the company’s overall profitability.

Outlook

SOLARINDS’ Q2 2024 results highlight a solid financial performance with continued growth in revenue and profitability, particularly in comparison to the same period last year. Despite a minor decline in operating profit margin from the previous quarter, the company’s ability to maintain strong earnings and improve net profit demonstrates its effective business strategies. As the company continues to benefit from favorable market conditions, SOLARINDS is well-positioned to sustain its growth trajectory in the coming quarters.

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