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CareEdge Research Report
Highlights:
Operating profit grew at an eight-quarter high of 26% (YoY).
Lower expenditure due to falling raw material costs supported profitability.
Net sales were muted with a growth of 0.6% (YoY), slowest in 11 quarters.
Base effect, weak overseas demand, and lower global commodity prices weighed on net sales growth.
Operating profit margin improved significantly to 17.8% in Q1 FY24 from 14.1% a year ago.
Profitability was steered by sectors like automobiles, infrastructure, oil and gas, etc.
Performance of textile and IT sectors was impacted by weak external demand.
Sales of sectors such as chemicals and non-ferrous metals were adversely impacted by lower commodity prices.
Going ahead, the domestic demand scenario, volatility in crude oil prices, and external headwinds remain key monitorable.
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