Solar Industries' Q2FY24 Financial Performance Review
In this financial performance review, we delve into the results of Solar Industries for Q2FY24 and analyze key metrics, including revenue, expenses, net profit, and margin.
| Particulars | Q2FY23 | YoY (% change) | Q1FY24 | QoQ (% change) | Q2FY24 |
| Total Income (₹crs.) | 1,570 | -13.69 | 1,690 | -19.82 | 1,355 |
| Total Expenses (₹crs.) | 1,317 | -18.83 | 1,417 | -24.56 | 1,069 |
| Net Profit (₹crs.) | 188 | 10.64 | 201 | 3.48 | 208 |
| Margin (%) | 11.97 | 3.38 | 11.89 | 3.46 | 15.35 |
REVENUE:
Solar Industries reported a total income of ₹1,355 crores in Q2FY24, reflecting a decline of 19.82% compared to the preceding quarte. On a year-on-year (YoY) basis, there was a decrease of 13.69% from ₹1,570 crores in Q2FY23.
EXPENSES:
The company's total expenses for Q2FY24 amounted to ₹1,069 crores, indicating a decrease of 24.56% compared to the the preceding quarter. On a YoY basis, expenses decreased by 18.83%.
NET PROFIT:
Solar Industries reported a net profit of ₹208 crores, showing an increase of 3.48% compared to the preceding quarter. On a YoY basis, the company demonstrated a notable increase in profitability, with a net profit of ₹188 crores in Q2FY23.
MARGINS:
Solar Industries' margin in Q2FY24 was 15.35%, representing an increase of 3.46% in the preceding quarter. Year-on-year, the margin displayed growth yet again from 11.97% in Q2FY23.
In conclusion, Solar Industries' financial performance in the second quarter of fiscal year 2024 reflects a mixed picture, with a decrease in revenue compared to the preceding quarter but an increase in profitability. The company managed to improve its margins and reduce expenses both sequentially and YoY, indicating efficient cost management.
Stay tuned for more updates on upcoming financial performances.