Spice Islands Industries Q1 Results Revenue Falls to ₹0.00 Crores

Spice Islands Industries Growth Overview

Spice Islands Industries Q1 Results : In the first quarter of June 2024, Spice Islands Industries faced some major financial changes. They didn't earn any revenue this quarter, a big drop from 0.19 crores in the previous quarter (March 2023) and 0.20 crores from the same time last year (June 2023). This is a complete loss of revenue, which can be concerning.

Spice Islands Industries expenses for selling, general, and administrative costs increased significantly to 0.02 crores, up from 0.01 crores in the last quarter and more than double compared to the same quarter last year. Depreciation and amortization costs also went up to 0.03 crores, more than doubling from the previous quarter and significantly more compared to last year.

Spice Islands Industries’ Other operating expenses decreased to 0.12 crores from 0.20 crores last quarter but were still higher than last year’s 0.13 crores. Overall, their total operating expenses decreased to 0.17 crores, compared to 0.22 crores last quarter, but were higher than last year’s 0.14 crores.

Spice Islands Industries’ Operating income was negative, at -0.17 crores, a much larger loss compared to -0.04 crores in the previous quarter and no profit compared to the same quarter last year. However, the company did see a positive net income of 0.06 crores, reversing from a small loss of -0.02 crores last quarter and showing a 22.60% improvement from last year.

Spice Islands Industries diluted normalized earnings per share (EPS) were 0.14, which is better than the -0.05 from the previous quarter and a bit higher compared to 0.12 from the same time last year. Overall, despite the revenue loss, the company managed to improve its net income and EPS.

Here's a simplified breakdown of Spice Islands Apparels' Q1 financial results:

Source: Here 

For More Q1 Results check our Twitter Page

Visit our website for more Q1 results 

Spice Islands Industries Q1 Results 

Spice Islands Industries shows the financial results for over different dates. The company earned income from two main sources: revenue from operations and other income. In June 2024, the company didn't earn any money from its main operations, but it made ₹24.37 lakhs from other income. This was a drop from the previous period in March 2024, where it earned ₹47.64 lakhs from operations and ₹16.12 lakhs from other income. Overall, the total income in June 2024 was ₹24.37 lakhs, which was less than the ₹63.76 lakhs in March 2024.

Spice Islands Industries’ had several expenses including employee salaries, finance costs (like interest payments), depreciation (value loss of assets), and other costs. In June 2024, these total expenses were ₹18.24 lakhs, which was lower than ₹52.40 lakhs in March 2024. The company made a profit of ₹6.13 lakhs in June 2024, improving from a loss of ₹10.25 lakhs in the previous period.

Spice Islands Industries’ profit before tax was also ₹6.13 lakhs, and there was no tax expense in June 2024. The company’s total comprehensive income, which includes all income and expenses, was ₹6.13 lakhs in June 2024. Earnings per share were ₹0.14, which means the profit divided by each share of the company was ₹0.14. The company’s share capital stayed the same at ₹430 lakhs.

Here's a simplified table summarizing the financial results:

Spice Islands Industries Financial Metrics

Spice Islands Industries has a market capitalization of ₹20.2 crore, meaning this is the total value of all its shares combined. The current price of its stock is ₹47.00, with the highest price over a period being ₹55.00 and the lowest being ₹15.50. The stock has a Price-to-Earnings ratio of 63.2, indicating how much investors are willing to pay for each unit of earnings. The book value, which shows the company's net asset value per share, is ₹-0.70, suggesting a negative value. 

Here’s the financial data in table format:

Quarterly Results 

For Spice Islands Industries, the financial data for December 2023, March 2024, and June 2024 shows some key points. In December 2023, the company had sales of Rs. 0.10 crores and expenses of Rs. 0.18 crores, leading to an operating loss of Rs. 0.08 crores. The operating profit margin (OPM) was very low at -80%. By March 2024, sales increased to Rs. 0.48 crores and expenses rose to Rs. 0.49 crores, resulting in a smaller loss of Rs. 0.01 crores. 

Here’s the transposed quarterly data for December 2023, March 2024, and June 2024:

(Figures in Rs. Crores)

About Spice Islands Industries 

Spice Islands Industries, established in 1988, is a prominent manufacturer of woven and knitted garments. Based in Mumbai, India, the company also has facilities and offices in various cities across the country. Spice Islands specializes in producing a wide range of clothing items, including shirts, blouses, skirts, T-shirts, polo shirts, and sweatshirts. With over 50 years of combined experience in the textile industry, the company's leadership has extensive knowledge of the European and US markets.

Spice Islands Industries  prides itself on its deep understanding of customer needs regarding design, quality, pricing, and timely delivery. Spice Islands operates production units in Mumbai and Coimbatore. In Mumbai, they focus on products like men's shirts and ladies' blouses, including special hand-embroidered items. In Coimbatore, they work with a unit certified for quality standards and manage all stages of production, from yarn to garment making.

Spice Islands Industries uses advanced machinery from Japan, Germany, and China, operated by skilled workers under strict quality supervision. They ensure timely updates through weekly production reports and follow strict quality inspections. The company also adheres to social accountability norms and has certifications from BVQI and audits by international agencies.