Sambandam Spinning Mills Q2 FY24 revenue rises, reports net loss

Sambandam Spinning Mills reported a revenue increase for Q2 FY24, though it posted a net loss. For the quarter ended September 30, 2024, revenue rose to Rs 738.07 million, up from Rs 508.95 million year-on-year. Sales also grew to Rs 735.35 million, compared to Rs 508.2 million a year earlier.

However, the company faced a net loss of Rs 23.28 million, in contrast to a net income of Rs 3.28 million in Q2 FY23. This translated to a basic and diluted loss per share of Rs 5.46, compared to earnings of Rs 0.77 per share in the same period last year.

In the first half of FY24, Sambandam's sales reached Rs 1,422.9 million, up from Rs 1,032.54 million year-on-year, while revenue stood at Rs 1,427.85 million, up from Rs 1,037.62 million. Net loss for the six-month period widened to Rs 34.31 million from Rs 27.86 million a year earlier. Basic and diluted loss per share for the half-year period increased to Rs 8.04 from Rs 6.53 year-on-year.

The company’s financial performance reflects revenue growth but challenges in achieving profitability, marking a substantial decline in income against rising operational metrics.