Swan Energy hits life-time high after reporting turnaround Q3 performance

Swan Energy rose 1.80% to Rs 651.30 after the company reported consolidated net profit of Rs 219.99 crore in Q3 FY24 as compared with net loss of Rs 157 crore posted in Q3 FY23.

Revenue from operations stood at Rs 1,591.67 in Q3 FY24, steeply higher than Rs 101.09 crore recorded in the same period a year ago.

Pre-tax profit was at Rs 233.92 crore in Q3 FY24 as compared with pre-tax loss of Rs 32.34 crore recorded in Q3 FY23.

During the quarter, total expenses stood at 1,420.53 crore in Q3 FY24, steeply higher from Rs 189.02 crore posted in Q3 FY23. Cost of material consumed was at Rs 1,292.38 crore (up 1491.23% YoY), employee benefits expenses stood at Rs 10.65 crore (up 42.37% YoY) and finance cost stood at Rs 57.53 crore (up 2.58% YoY) during the period under review.

Revenue from Textile segment declined 11.11% to Rs 49.55 crore and revenue from construction & others segment fell 40.45% YoY to Rs 27 crore in Q3 FY24 over Q3 FY23.

Swan Group is among India's leading private sector business houses serving the nation for more than a century across textile, real estate and oil & gas sectors.

The scrip hit an all-time high at Rs 666.15 in todays intraday session.

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