Bharat Rasayan reported a 13.4% decline in consolidated net profit to Rs 22.93 crore despite of 8.4% rise in net sales to Rs 291.77 crore in Q2 FY23 over Q2 FY22.
Profit before tax skid 13.5% year on year to Rs 31.06 crore in the quarter ended 30 September 2022.Total expenses rose 12.03% to Rs 263.88 crore in Q2 FY23 from Rs 235.55 crore in Q2 FY22. Cost of raw materials consumed surged 34.8% YoY to Rs 247.75 crore while employee benefits expense declined 1.3% YoY to Rs 19.89 crore during the period under review.
On the margins front, operating profit margin declined to 11.40% in Q2 FY23 from 13.65% in Q2 FY22. Net profit margin slipped to 8.07% in Q2 FY23 as compared to 9.88% in Q2 FY22.
As on 30 September 2022, the company's net worth stood at Rs 829.91 crore and its debt to equity ratio was 0.14 times.
Bharat Rasayan serves a wide range of industries including but not limited to pharmaceuticals, bulk drugs, R&D, petrochemicals, flavors & fragrances and specialty chemicals.
The scrip declined 0.96% to currently trade at Rs 10,365.70 on the BSE.
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