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Published: November 9, 2023
Updated: November 9, 2023

Banco Products India Ltd Q2 FY2024 Financial Report: Steady Growth in Profits

Financial Snapshot (Q2 FY2024):

Banco Products India Ltd has released its consolidated financial results for the period ending September 30, 2023. Let's delve into the numbers and see what this means for the company's financial health.

Quarterly Performance: QoQ Analysis

In the second quarter of FY2024, Banco Products India Ltd reported a total income of ₹727.64 crores. This marks a slight decrease from ₹765.73 crores reported in the previous quarter (Q1 FY2024), showing a decrease of 4.97%. However, the company still managed to post a net profit of ₹66.11 crores during Q2 FY2024, compared to ₹68.81 crores in the previous quarter, reflecting a decrease of 3.92%. The earnings per share (EPS) for Q2 FY2024 stood at ₹9.24, a decline from ₹9.62 in Q1 FY2024, marking a 3.95% decrease.

Quarterly Performance: YoY Analysis

Comparing the Q2 FY2024 results to the same period in the previous year, there's a notable uptick in performance. Total income for Q2 FY2024 was ₹727.64 crores, significantly higher than the ₹638.07 crores reported in Q2 FY2023, representing a 14.04% increase. The net profit for Q2 FY2024 also showed substantial growth, with ₹66.11 crores, compared to ₹51.73 crores in Q2 FY2023, reflecting a robust 27.80% increase. The EPS for Q2 FY2024 was ₹9.24, up from ₹7.23 in Q2 FY2023, indicating an impressive 27.80% growth.

Half-Yearly Performance: YoY Analysis

Taking a broader view, the company's performance in the first half of FY2024 demonstrates consistent growth. The total income for the 6 months period ending September 30, 2023, was ₹1493.37 crores, showing a considerable increase from ₹1224.89 crores during the same period in FY2023, reflecting a robust 21.92% growth. The net profit for the first half of FY2024 was ₹134.92 crores, compared to ₹86.32 crores in the first half of FY2023, indicating a remarkable 56.30% increase. The EPS for the same period was ₹18.86 in FY2024, up from ₹12.07 in FY2023, showcasing a significant 56.26% growth.

Stock Performance:

Banco Products (I) Limited's shares were last traded at Rs. 469.40 on the BSE, a slight increase from the previous close of Rs. 462.30. Throughout the day, there were 119,177 shares traded in over 6,863 trades. The stock's intraday high was Rs. 484.70, while the low reached Rs. 460.00. The total net turnover for the day amounted to Rs. 55,939,579.00. Banco Products India Ltd's financial report for Q2 FY2024 reflects stable growth in profits, with impressive year-on-year improvements. Despite a slight dip in quarterly performance compared to the previous quarter, the YoY figures show a resilient upward trend. With consistent increases in total income, net profit, and EPS, Banco Products India Ltd appears to be on a solid financial trajectory. Accordingly, investors and stakeholders may find Banco Products India Ltd to be a promising investment choice, given its growth and performance in the market.