Somi Conveyor Beltings Reports Negative Financial Performance, MarketsMOJO Calls for 'Sell'
Somi Conveyor Beltings, a microcap company in the rubber products industry, recently announced its financial results for the quarter ending March 2024. According to the report released on August 14, 2024, the stock call for Somi Conveyor Beltings is 'Sell' by MarketsMOJO.The company has experienced a negative financial performance in the quarter, with a score of -7 compared to 10 in the previous three months. This decline can be attributed to various factors, as seen in the financials for June 2024.
One of the major concerns for Somi Conveyor Beltings is the decrease in net sales. The company's net sales for the quarter were Rs 15.23 crore, which is a significant drop of -40.3% compared to the average net sales of the previous four quarters, which stood at Rs 25.53 crore. This indicates a very negative trend in the near term for the company's sales.
Another area of concern is the company's profit after tax (PAT), which also saw a decline in the quarter. The PAT for June 2024 was Rs 0.74 crore, a decrease of -34.8% compared to the average PAT of the previous four quarters, which was Rs 1.14 crore. This shows a very negative trend in the near term for the company's profitability.
Moreover, the net sales for the quarter were the lowest in the last five quarters, standing at Rs 15.23 crore. This further highlights the negative trend in the company's sales in the near term.
Based on these financials, MarketsMOJO has given a 'Sell' call for Somi Conveyor Beltings. It is important for investors to carefully consider these factors before making any investment decisions.
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