In Short:
India Motor Parts & Accessories Ltd (IMPAL), a part of TS Santhanam Group, reported a 17% increase in its profit after tax to ₹21 crore for the quarter ending June 30, 2024. The profit before tax also increased by 18% to ₹24 crore. Revenue grew marginally to ₹193 crore on a standalone basis. The tough market conditions post-election have impacted all retail businesses, according to N Krishnan, Managing Director of IMPAL.
IMPAL Reports 17% Increase in Profit for June Quarter
Great news coming from India Motor Parts & Accessories Ltd (IMPAL), which is a part of the esteemed TS Santhanam Group (a faction of the larger TVS Group of Companies). The company has reported a significant 17% increase in its standalone profit after tax, reaching a total of ₹21 crore for the quarter that ended on June 30, 2024. This is a remarkable growth compared to the ₹18 crore earned in the same quarter last year.
Financial Performance Highlights
Not only did the profit after tax see a substantial increase, but the profit before tax also rose by 18%, reaching ₹24 crore as compared to ₹21 crore in the previous year. The revenue from operations for the June 2024 quarter showed a slight growth, reaching ₹193 crore compared to ₹190 crore in the June 2023 quarter.
Consolidated Performance
Looking at the bigger picture, on a consolidated basis, IMPAL’s profit after tax rose by 17%, touching ₹21 crore as opposed to ₹18 crore in the same period last year. The profit before tax stood at ₹25 crore, a notable increase from ₹21 crore. The revenue also showed a slight uptick, reaching ₹198 crore compared to ₹195 crore.
Market Challenges and Outlook
Despite these impressive financial figures, N Krishnan, the Managing Director of IMPAL, shared some insights on the current market scenario. He mentioned, “The market is currently tough, with low liquidity. The market has not yet rebounded after the election, and this is affecting all retail businesses as well.”
It’s great to see companies like IMPAL navigating through challenges and still managing to achieve growth in such a competitive market. Kudos to the team for their hard work and dedication!
