Surya Roshni profit increases two-fold to Rs 59 crore in June quarter

Lighting products and pipe maker Surya Roshni on Friday reported a two-fold increase in consolidated net profit to Rs 59.13 crore for the June quarter driven by reduced finance costs.

It had posted a consolidated net profit of Rs 22.24 crore in the year-ago period, the company said in a regulatory filing.

Revenue from operations was up 2 per cent to Rs 1,875.27 crore in the first quarter of the current fiscal as against Rs 1,839.89 crore last year.

“Profit after tax stood at Rs 59 crore, reporting a growth of 166 per cent, on account of reduced finance cost,” said an earning statement from the company.

Total expenses of Surya Roshni were Rs 1,795.91 crore, up 11.46 per cent in the first quarter of 2023-24. Its total income rose 2 per cent to Rs 1,877 crore.

The company’s revenue from steel pipe and strips was marginally down to Rs 1,502.80 crore from Rs 1,504.44 crore in the corresponding quarter last year.

“The revenue remained flattish due to lower steel prices. However, raw material prices are expected to stabilise in the coming months,” it said.

Revenue from lighting and consumer durables in the June quarter was up 11.46 per cent to Rs 373.91 crore as against Rs 335.45 crore.

“Due to a favourable business environment in both B2B and B2C categories, June quarter revenue increased 11.5 per cent YoY,” it said.

Its “debt further reduced by Rs 171 crore and debt-to-equity ratio for June 30 was at 0.12x,” it said.

Shares of Surya Roshni Ltd on Friday closed 5.19 per cent down at Rs 785.95 apiece on the BSE.