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Solar Industries India Ltd. Q3FY17 Net Profit at Rs. 47.52 crores, Y-o-Y growth 14.45%

Posted On: 2017-02-16 21:49:20

For the Quarter ended December 31, 2016:

- Gross sales rose by 12.32% YoY to Rs. 463.53 crore in Q3FY17 from Rs. 412.68 crore in Q3FY16.
- Sales to Coal sector increased by 35% from ?137.39Crs in Q3FY16 to ?185.28Crs in Q3FY17.
- The EBITDA in Q3FY17 is Rs. 81.49 crore. EBIDTA % stands at 18.92% in Q3FY17 as compared to 20.84% in Q3FY16
- Net profit after minority tax is at Rs. 47.52 crore for Q3FY17. Net profit % stands at 11.03 % in Q3FY17 as compared to 10.91% in Q3FY16.

For the Nine months ended December 31, 2016:

- Gross sales increased by 7.62% YoY to Rs. 1272.65 crore in 9MFY17 from Rs. 1182.56 crore of 9MFY16
- EBITDA rose by 6.47 % YoY to Rs. 240.82 crore in 9MFY17 from Rs. 226.19 crore in 9MFY16. EBIDTA % stands at 20.40 % in 9MFY17 as compared to 20.68% in 9MFY16
- Net profit after minority tax jumped by 9.30 % to Rs. 131.47 crore for 9MFY17 from 120.28 crore in 9MFY16. Net profit % stands at 11.14% in 9MFY17 as compared to 11% in 9MFY16.

Solar Industries India Ltd., the largest manufacturer, suppliers and exporters of commercial Explosives and Explosive Accessories in India, has declared its financial results for the quarter ended December 31, 2016.

Commenting on the financial performance of the company Mr. Manish Nuwal, Managing Director & CEO, Solar Industries India Limited said, "We delivered satisfactory results. There was a growth of 12.32% when we compare it on YoY basis. However, on QoQ basis the growth is 33% which shows a significant recovery. This growth came in spite of demonetization and translational losses, which is due to devaluation in foreign currency.

We have taken effective steps to mitigate the losses arising from weakening of currency. As a result, the effect of translational losses will get minimized by Q4FY17. Operations in South Africa will commence from Q1FY18. It will take about three months for our product to get stabilized and get recognition within the local market.

As we said earlier, we are expecting further orders from defence. I am happy to announce that our current order book stands at Rs. 102.81 crores executable over FY18 against the previous Rs. 72.81 Crores. The company has participated in many RFI's and more orders are expected to come in future. Our supply chain to defence sector is now getting streamlined, as a result we have made a sale of Rs. 6.35 crores in Q3FY17 and expect to cross 12 Cr in Q4 17.

We continue to build on our core strengths to accelerate business growth and seek new vistas of opportunities to deliver on our stakeholder commitments."

Shares of SOLAR INDUSTRIES INDIA LTD. was last trading in BSE at Rs.732 as compared to the previous close of Rs. 724.35. The total number of shares traded during the day was 1736 in over 199 trades.

The stock hit an intraday high of Rs. 740.5 and intraday low of 700. The net turnover during the day was Rs. 1262418.

Source: Equity Bulls

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