Prime Urban Development India Q1 Results Total Income Drops to ₹25.74 Crore Net Loss of ₹43.30 Crore

Prime Urban Development India's Q1 results for the period ending June 30, 2024, the company reported a decrease in its total income. The revenue from operations was ₹375.00 crore, but when other income is included, the total income was only ₹25.74 crore, which is much lower compared to the previous year's total income of ₹475.17 crore. 

Prime Urban Development India's expenses also increased, amounting to ₹69.04 crore for the quarter. This rise in expenses, combined with lower income, led to a loss before tax and exceptional items of ₹43.30 crore. This loss is less severe compared to the full-year loss of ₹211.37 crore reported for March 31, 2023.

Prime Urban Development India had no exceptional items to report and recorded a net loss after tax of ₹43.30 crore for the quarter. This loss reflects a challenging period for the company, although it is an improvement compared to the previous year's figures. The total comprehensive income for the quarter was also a loss of ₹43.30 crore. The earnings per share (EPS) were reported at ₹(0.16), which shows a slight improvement over last year.

Source: Here 

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Prime Urban Development India Q1 Results 

Prime Urban Development India table summarizes the key financial results for Q1: 

Prime Urban Development India Financial Indicators

Prime Urban Development India has various key financial indicators. The company's market cap is ₹25.9 Crores, showing the total value of its shares. The current stock price is ₹9.72, with a high of ₹14.00 and a low of ₹7.00 over a certain period. 

Here's the information in a table format:

Quarterly Results

Prime Urban Development India table shows the financial performance over three periods: December 2023, March 2024, and June 2024. Sales dropped significantly from Rs. 5.41 crore in December 2023 to just Rs. 0.14 crore in June 2024. Expenses also decreased, but not as sharply. 

This table provides a snapshot of financial performance over three periods: December 2023, March 2024, and June 2024.

About Prime Urban Development India 

Prime Urban Development India, originally founded as Asher Textiles in 1936, has a long history of growth and transformation. The company began as a textile business, focusing on producing and trading textiles. In 1993, it was listed on the Bombay Stock Exchange and underwent a name change to ATL Textiles. This was followed by another rebranding to Prime Textiles in 2000. On July 5, 2010, the name was updated once again to Prime Urban Development India.

Prime Urban Development India has seen significant development over the decades. Under the leadership of the Patodia family, it expanded from trading to owning manufacturing plants. Starting in 1966 with a plant in Alwaye, Kerala, it grew to include additional facilities in cities like Hyderabad, Baroda, Palghat, and Tirupur. In the 1970s, it introduced Indian cotton yarn to European markets, establishing strong business relationships in countries like Italy and Spain.

Prime Urban Development India also made notable advances in Bangladesh during the 1980s, forming partnerships to supply garment machinery and training, eventually contributing to a major portion of Bangladesh's imports. In recent years, Prime Urban Development India has focused on modernizing its production to meet high international standards.