Fiem Industries rallies on stellar Q2 performance

Fiem Industries surged 9.08% to Rs 547 after consolidated net profit rose 56.6% to Rs 24.42 crore on 0.6% rise in net sales to Rs 371.37 crore in Q2 September 2020 over Q2 September 2019.

Consolidated profit before tax (PBT) soared 38.2% to Rs 32.69 crore in Q2 September 2020 as against Rs 23.66 crore in Q2 September 2019. Current tax expenses for the quarter gained 2.5% to Rs 8.27 crore as against Rs 8.07 crore in Q2 September 2019. The Q2 result was declared post market hours yesterday, 11 November 2020.

On a standalone basis, net profit jumped 59.2% to Rs 24.86 crore on 0.7% increase in net sales to Rs 370.95 crore in Q2 September 2020 over Q2 September 2019.

Sales from automotive segment during Q2 FY21 stood at Rs 368.56 crore as compared to Rs 362.75 crore in Q2 FY20, recording a 1.60% growth Y-o-Y (year-on-year). Sales of 'others segment' comprising LED luminaries etc. stood at Rs 2.39 crore in Q2 FY21 as compared to Rs 5.49 crore in Q2 FY20, registering a 56.46% decline Y-o-Y.

Due to COVID-19 outbreak and the consequent lockdown, operations of the company to remained suspended for part of Q1 FY21. Accordingly, the financial impacted, the company said. Standalone total debt stood at Rs 72.19 crore as on 30 September 2020 as against Rs 133.61 crore as on 30 June 2020 and Rs 91.80 crore as on 31 March 2020.

Fiem Industries is engaged in lights, signaling equipment and parts; rear view mirror and parts; plastic molded parts, and light-emitting diode (LED) luminaries business. The company's segments include automotive and LED luminaries.

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