Quarterly Result: Solar Industries India Ltd
Bhagyashree Vivarekar / 23 Nov 2016
Solar Industries India Ltd is currently trading at Rs. 660, down 12.35 points or 1.84% from its previous close of Rs. 672.35 on the BSE. The net profit at Rs 36.93 crore was in line with the corresponding quarter of the previous year.
Technical View:
Solar Industries India Ltd is currently trading at Rs. 660, down 12.35 points or 1.84% from its previous close of Rs. 672.35 on the BSE. The scrip opened at Rs 682.75 and touched a high and low of Rs 682.80 and Rs 653.60, respectively. A total of 13,876 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 50 DMA.
Consolidated Results Q2FY17:
Solar Industries India Ltd.’s consolidated Q2FY17 results were below Bloomberg estimates. The company's revenue stood 6% lower than the estimates Rs 373.2 crore. Its EBITDA was 5.5% lower than estimated Rs 69.4 crore. Also, the net profit was 5.1% lower than the estimated Rs 38.9 crore.
Solar Industries witnessed a muted Q2FY17 performance. The company’s revenue dropped marginally by 1.6% YoY to Rs 350.88 crore. Its EBITDA too declined 5.6% YoY to Rs 65.55 crore led by 79 bps YoY fall in EBITDA margins to 18.7%. The company’s total expenses came in line with Q2FY16 numbers.
However, the net profit at Rs 36.93 crore was in line with the corresponding quarter of the previous year. Meanwhile, the company posted other income of Rs 4.02 crore as against Rs 2.12 crore in the corresponding quarter of the previous year. This was offset by an increase in finance cost from Rs 5.87 crore to Rs 7.3 crore in Q2FY17.
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