Laxmi Organic Industries Ltd.'s net profit declined 41% in the first quarter of fiscal 2024, but met analysts' estimates.
The specialty chemical manufacturer's profit fell to Rs 38.3 crore in the April–June quarter in comparison with Rs 64.4 crore in the year ago period, according to an exchange filing on Friday. That compares with the Rs 36.5-crore consensus estimate of analysts tracked by Bloomberg.
Laxmi Organic Q1 FY24 Highlights (Consolidated, YoY)
Revenue down 3.1% to Rs 733.5 crore vs. 756.6 crore, as against an estimate of Rs 755.1 crore.
Ebitda is down 23% at Rs 77.1 crore vs. Rs 100.3 crore, as compared with an estimate of Rs 74.3 crore.
Ebitda margin at 10.51% vs. 13.25%
Net profit is down 41% at Rs 38.3 crore vs. 64.4 crore. Analysts had forecast it at Rs 36.5 crore.
Shares of Laxmi Organic Industries closed 4.17% higher at Rs 263.65 apiece before the results were announced, as compared with a fall of 0.07% in the benchmark NSE Nifty 50.
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