Shyam Metalics & Energy Q2 FY24 results: profit rise by 323.53% YOY

Shyam Metalics & Energy, a leading company in the metal and energy sector, announced its financial results for the second quarter of fiscal year 2024 on 10th November 2023. The company reported a decrease of 4.68% in its revenue compared to the same period last year. However, the profit showed an impressive growth of 323.53% year-on-year.

In comparison to the previous quarter, the revenue declined by 11.77%, while the profit increased by 137.21%. This indicates a strong performance by Shyam Metalics & Energy, despite the challenging market conditions.

The company's selling, general, and administrative expenses witnessed a decline of 3.99% quarter-on-quarter. However, on a year-on-year basis, these expenses increased by 16.98%. This suggests that the company has been able to effectively manage its operational costs.

The operating income of Shyam Metalics & Energy experienced a significant decrease of 48.96% quarter-on-quarter. On a year-on-year basis, the decrease was 1.92%. This decline in operating income could be attributed to various factors such as changes in market conditions and increased competition.

The earnings per share (EPS) for the second quarter of fiscal year 2024 stood at ₹18.89, showing a remarkable increase of 334.25% year-on-year. This indicates that the company has been able to generate higher profits for its shareholders.

In terms of market performance, Shyam Metalics & Energy delivered a return of 3.47% in the last week, 47.55% in the last six months, and 42.49% year-to-date. These returns indicate a positive sentiment among investors and reflect the company's ability to create value.

Currently, Shyam Metalics & Energy has a market capitalization of ₹11,398.28 Crores and its 52-week high and low are ₹494.35 and ₹254.55 respectively. This showcases the company's strong position in the market.

According to the analysis of 3 analysts covering the company as of 12th November 2023, 1 analyst has given a Buy rating, while 2 analysts have given a Strong Buy rating. This indicates a favorable outlook for Shyam Metalics & Energy.

The consensus recommendation as of 12th November 2023 was to Strong Buy the shares of Shyam Metalics & Energy. This suggests that the company is expected to perform well in the future and offers a good investment opportunity.