Vardhman Polytex's Q1 2024 Financial Results Receive 'Strong Sell' Rating from MarketsMOJO
Vardhman Polytex, a microcap company in the textile industry, recently announced its financial results for the quarter ending March 2024. The results, declared on August 14, 2024, have received a 'Strong Sell' call from MarketsMOJO.
According to the financial report, Vardhman Polytex has seen a significant decline in its performance in the quarter ending June 2024. The company's score has fallen from -3 to -20 in the last three months, indicating a very negative trend.
One of the major factors contributing to this decline is the company's net sales, which have fallen by 30.9% to Rs 64.03 crore compared to the average net sales of the previous four quarters, which stood at Rs 92.66 crore. This indicates a very negative trend in the near term for the company's sales.
Similarly, the company's profit after tax (PAT) has also seen a significant decline of 60.7% to Rs -10.75 crore compared to the average PAT of the previous four quarters, which was Rs -6.69 crore. The near term trend for PAT is also very negative.
Moreover, the profit before tax less other income (PBT) has fallen by 13.3% to Rs -15.79 crore compared to the average PBT of the previous four quarters, which was Rs -13.93 crore. This further highlights the very negative trend in the near term for the company's financial performance.
Overall, Vardhman Polytex's financial results for the quarter ending March 2024 have been disappointing, leading to a 'Strong Sell' call from MarketsMOJO. Investors should closely monitor the company's performance in the coming quarters to make informed decisions.
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