Arisinfra Solutions Faces Profit Decline Amid IPO Expenses
Arisinfra Solutions Ltd reported a 21% decrease in net profit for the first quarter of this fiscal year, attributing it to IPO-related expenses. Although revenue grew by 11% year-on-year, the company managed Rs 5.1 crore in PAT. A subsidiary received a Rs 40 crore order from AVS Housing and Construction.
- Country:
- India
Arisinfra Solutions Ltd experienced a 21% dip in net profit, recording Rs 5.11 crore for the first quarter of this fiscal year, primarily due to expenses associated with its public issue.
In contrast, the company's net profit was Rs 6.45 crore during the same quarter last year. This period also saw a notable rise in the company's total income, which increased to Rs 215.6 crore, up from Rs 194.58 crore in the previous year's corresponding period, as detailed in a regulatory filing on Thursday.
The company, a key player in supplying goods and services to the construction and real estate sectors, offset some losses with revenue growth, which spiked by 11% year-on-year. Ronak K Morbia, the Chairman and Managing Director, noted that excluding the one-time IPO expenses, the company would have shown a PAT of nearly Rs 7.4 crore. Additionally, its subsidiary, ArisUnitern RE Solutions Pvt Ltd, secured a provisional Rs 40 crore purchase order from AVS Housing and Construction LLP.
(With inputs from agencies.)
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