2024-11-01 10:57:50 :
Electrosteel Castings Second Quarter Results Live: Electrosteel Castings reported second quarter results on October 30, 2024, which showed worrying declines in both revenue and profits. The company’s revenue fell by 4.77% year-on-year, and its profit fell by 11.11% year-on-year.
On a month-on-month basis, the decline in electric steel castings was even more obvious, with revenue falling by 9.15% and profits falling by 31.32%. This alarming trend illustrates the challenges of maintaining profitability and sales momentum.
The company also reported an increase in selling, general and administrative expenses, which increased by 12.19% month-on-month and 6.59% year-over-year. The surge in expenses led to an overall decline in operating income, which dropped 28.02% from the previous quarter and 14.2% year-on-year.
Second quarter earnings per share (EPS) were $2.51, a year-on-year decrease of 14.63%. The decline in earnings per share further highlights the financial challenges Electrosteel Castings faces in the current economic climate.
Despite its recent struggles, Electrosteel Castings has had mixed results over the past year, returning -1.82% last week and an even more significant -14.34% return over the past six months. However, the company has delivered a strong return of 48.83% so far this year.
As of now, Electrosteel Castings has a market capitalization of $10,185.21 billion rupees, a new 52-week high $236.6 and minimum $83.9. The stock’s movements reflect broader market conditions and investor sentiment.
Looking ahead, analysts remain cautiously optimistic, with one issuing a “Strong Buy” rating as of November 1, 2024. Despite the current economic downturn, consensus advice suggests a rebound is possible.
Electrical Steel Castings Financials
| period | Q2 | Q1 | month-on-month growth | Q2 | year-on-year growth |
|---|---|---|---|---|---|
| total revenue | 1827.8 | 2011.9 | -9.15% | 1919.34 | -4.77% |
| Total Selling/General/Administrative Expenses | 138.69 | 123.62 | +12.19% | 130.12 | +6.59% |
| Depreciation/Amortization | 36.09 | 31.84 | +13.36% | 30.44 | +18.57% |
| total operating expenses | 1596.22 | 1690.18 | -5.56% | 1649.41 | -3.23% |
| operating income | 231.59 | 321.72 | -28.02% | 269.93 | -14.2% |
| net income before tax | 212.47 | 304.54 | -30.23% | 230.83 | -7.95% |
| net income | 155.17 | 225.93 | -31.32% | 174.57 | -11.11% |
| Diluted normalized earnings per share | 2.51 | 3.65 | -31.23% | 2.94 | -14.63% |
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