Triveni Glass Q1 Results Revenue Stable with QoQ and YoY at ₹0.00 crore

Triveni Glass Q1 Results: Triveni Glass showed several changes compared to both the previous quarter and the same quarter last year in the Triveni Glass Q1 results for June 2024. Looking at the quarter-on-quarter (QoQ) performance, total revenue stayed at ₹0.00, meaning there was no change from the previous quarter (March 2023) and no change year-over-year (YoY) from June 2023. 

Triveni Glass’ Selling, general, and administrative expenses dropped significantly by 44.68% QoQ, going from ₹0.44 crore in the last quarter to ₹0.05 crore in this quarter. This also represents a small YoY decrease of 10.34%.

Triveni Glass’ depreciation/amortization remained nearly the same QoQ, with a minor increase of 0.98%, but it was down by 50.00% YoY. Other operating expenses increased by 109.66% QoQ from ₹0.04 crore to ₹0.18 crore, and by the same percentage YoY from ₹0.09 crore. Total operating expenses decreased by 32.29% QoQ, which is an improvement from the previous quarter but up by 49.87% YoY. Operating income improved from a loss in the previous quarter, but was still negative.

Triveni Glass’ Net income before taxes and net income turned positive, a significant change from losses in previous quarters, although it was unchanged YoY. The diluted normalized earnings per share (EPS) also improved by 71.00% QoQ and turned positive from a negative value last year.

Here's a summary of Triveni Glass's Q1 results:

Source: Here 

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Triveni Glass Q1 Results 

Triveni Glass's financial statement for the quarter ending on June 30, 2024, shows their earnings and expenses compared to the previous year. For this quarter, the company made ₹60.88 lakhs from its main business operations and earned an additional ₹4.68 lakhs from other sources. This totals ₹65.56 lakhs in income. In the same period last year, their income was ₹502.73 lakhs.

The company's costs for employee benefits were ₹1.03 lakhs, and they had finance costs of ₹18.24 lakhs. Their total expenses were ₹23.95 lakhs. Last year, their expenses were ₹169.25 lakhs, which is significantly higher. This means the company spent less this quarter compared to the same time last year.

Before accounting for any special items or taxes, Triveni Glass made a profit of ₹36.93 lakhs this quarter. This compares to a profit of ₹287.23 lakhs for the entire previous year. There are no exceptional items, taxes, or other comprehensive income listed in this quarter's report, indicating that the reported profit is straightforward. Overall, the company earned ₹36.93 lakhs this quarter, down from last year’s ₹287.23 lakhs, reflecting a significant decrease in their earnings.

Here is the simplified summary of Triveni Glass's Statement of Profit & Loss for the quarter ended June 30, 2024:

(Rupees in lakhs)

Triveni Glass Financial Metrics

Triveni Glass has a market cap of ₹25.3 Crores, meaning that’s the total value of all its shares combined. The current price of one share is ₹20.0. The share has been as high as ₹38.5 and as low as ₹15.7 in recent times. The Price-to-Earnings (P/E) ratio is 7.79, showing how much investors are willing to pay for each unit of earnings. The book value is ₹-11.4, indicating negative value per share, which is unusual. 

Sure! Here’s the financial information in table format:

Quarterly Results 

For Triveni Glass, the financial results for December 2023, March 2024, and June 2024 show gradual improvement. In December 2023, the company had no sales and faced high expenses, leading to a negative operating profit. Other income was modest, and the net profit was just slightly positive. By March 2024, while expenses were still high, they were reduced compared to December. 

Here is the transposed quarterly financial data for December 2023, March 2024, and June 2024 in a simple, easy-to-understand table format:

(Figures in Crores)

About Triveni Glass 

Triveni Glass was founded by Late Mr. D.N. Agrawal in 1956, who was a pioneer in introducing new glass technologies to India. His first major achievement was bringing laminated safety glass technology to India, which was a significant advancement in automobile safety. Over time, he expanded the company's offerings to include tempered glass, mirrors, and other products, making TGL a leader in the glass industry.

In response to a shortage of sheet glass in India, Mr. Agrawal established Triveni Sheet Glass Works in Allahabad in 1971. The company began production in December 1976 and quickly grew to produce a wide range of flat glasses, including float glass. To meet increasing demand, TGL also set up additional plants in Meerut and Rajahmundry.

Triveni Glass eventually decided to exit the glass business for various reasons. The company has since shifted its focus to real estate. They are now involved in constructing and restoring multi-story residential buildings at their old factory site. Additionally, TGL is considering selling land parcels to generate revenue. The company is optimistic about its future in the real estate sector and expects to find new growth opportunities there.