Lighting products and pipe maker Surya Roshni Ltd on Thursday reported a muted growth in consolidated net profit at Rs 90.10 crore in the third quarter ended December 2023 on account of slowdown of demand.
It had posted a consolidated net profit of Rs 89.66 crore in the October-December period a year ago, according to a regulatory filing from Surya Roshni.
Its revenue from operations was down 4.13 per cent to Rs 1,937.80 crore during the quarter under review. It was at Rs 2,021.28 crore in the corresponding quarter.
“The company reported a slight dip in revenue on account of slow down of demand of high value-added products in steel pipes business and flattish growth in lighting and consumer durables segment,” the company said in an earnings statement.
Total expenses of Surya Roshini were at Rs 1,820.52 crore, down 4.15 per cent in the December quarter.
Surya Roshni’s total income in the December quarter was at Rs 1,941.56 crore, down 3.98 per cent.
Revenue from steel pipe and strips was at Rs 1,535.70 crore, down 5.52 per cent.
“There was slight de-growth in top-line, mainly on account of slowdown in demand of high valued-added products in pipes segment, which was marginally offset by better sales in all other segments of pipes. Sequentially, there was slight improvement in steel prices,” it said.
Its revenue from the lighting and consumer durables segment was at Rs 403.14 crore, up 1.87 per cent.
“Strong volume growth coupled with better product-mix in favour of higher margin value products and cost savings on back of PLI led backward integration resulted in strong operating profitability,” it said.
Professional lighting business has witnessed high-teen digit growth in the third quarter driven by infrastructure as well as industrial projects.
While consumer lighting business grew by modest single-digit growth, the consumer durables and appliances segment witnessed a flattish growth, it said.
Shares of Surya Roshni Ltd on Thursday settled at Rs 730.40 on BSE, down 5.94 per cent from the previous close.
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First Published: Feb 08 2024 | 10:22 PM IST