Piccadilly Agro Industries Ltd. reported mixed quarterly results for the quarter ended March 2023. The company’s consolidated net sales increased by 20.25% year-over-year to Rs. 199.84 crore. However, net profit declined by 26.5% to Rs. 4.72 crore. EBITDA also fell by 18.87% to Rs. 15.13 crore.
The company’s strong top-line growth was driven by higher sales of sugar and allied products. Sugar prices in the domestic market have been on the rise in recent months, due to increased demand and lower production. Piccadilly Agro was able to take advantage of this trend and generate higher revenues.
However, the company’s bottom line was impacted by higher costs and lower margins. The management has been taking steps to reduce costs and improve productivity. However, these efforts have not yet had a significant impact on the company’s bottom line.
The mixed quarterly results are a sign that Piccadilly Agro is still facing challenges. However, the company’s strong top-line growth is a positive sign. The company is well-positioned to continue its growth in the coming quarters, if it can manage to control its costs and improve its margins.
Key Highlights
- Consolidated net sales up 20.25% year-over-year to Rs. 199.84 crore
- Net profit down 26.5% to Rs. 4.72 crore
- EBITDA down 18.87% to Rs. 15.13 crore
- Sugar prices on the rise in the domestic market
- Company taking steps to reduce costs and improve productivity
- Mixed quarterly results are a sign that the company is still facing challenges
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