Reported Earnings • May 23
Full year 2026 earnings released: EPS: ₹60.19 (vs ₹67.87 in FY 2025) Full year 2026 results: EPS: ₹60.19 (down from ₹67.87 in FY 2025). Revenue: ₹11.2b (up 15% from FY 2025). Net income: ₹756.7m (down 11% from FY 2025). Profit margin: 6.7% (down from 8.7% in FY 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • May 11
Excel Industries Limited to Report Fiscal Year 2026 Results on May 22, 2026 Excel Industries Limited announced that they will report fiscal year 2026 results on May 22, 2026 Reported Earnings • Feb 04
Third quarter 2026 earnings released: EPS: ₹6.71 (vs ₹4.93 in 3Q 2025) Third quarter 2026 results: EPS: ₹6.71 (up from ₹4.93 in 3Q 2025). Revenue: ₹2.39b (up 22% from 3Q 2025). Net income: ₹84.4m (up 36% from 3Q 2025). Profit margin: 3.5% (up from 3.2% in 3Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Jan 22
Excel Industries Limited to Report Q3, 2026 Results on Feb 03, 2026 Excel Industries Limited announced that they will report Q3, 2026 results on Feb 03, 2026 Reported Earnings • Nov 12
Second quarter 2026 earnings released: EPS: ₹16.85 (vs ₹28.39 in 2Q 2025) Second quarter 2026 results: EPS: ₹16.85 (down from ₹28.39 in 2Q 2025). Revenue: ₹2.78b (up 3.3% from 2Q 2025). Net income: ₹211.9m (down 41% from 2Q 2025). Profit margin: 7.6% (down from 13% in 2Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • Oct 24
Excel Industries Limited to Report Q2, 2026 Final Results on Nov 11, 2025 Excel Industries Limited announced that they will report Q2, 2026 final results on Nov 11, 2025 Upcoming Dividend • Aug 07
Upcoming dividend of ₹13.75 per share Eligible shareholders must have bought the stock before 14 August 2025. Payment date: 20 September 2025. Payout ratio is a comfortable 20% and the cash payout ratio is 95%. Trailing yield: 1.1%. Lower than top quartile of Indian dividend payers (1.3%). Higher than average of industry peers (0.7%). Reported Earnings • Jul 29
Full year 2025 earnings released: EPS: ₹67.87 (vs ₹13.53 in FY 2024) Full year 2025 results: EPS: ₹67.87 (up from ₹13.53 in FY 2024). Revenue: ₹9.78b (up 18% from FY 2024). Net income: ₹853.1m (up 401% from FY 2024). Profit margin: 8.7% (up from 2.1% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Jul 28
Excel Industries Limited to Report Q2, 2026 Results on Aug 08, 2025 Excel Industries Limited announced that they will report Q2, 2026 results on Aug 08, 2025 Reported Earnings • May 16
Full year 2025 earnings released: EPS: ₹67.87 (vs ₹13.53 in FY 2024) Full year 2025 results: EPS: ₹67.87 (up from ₹13.53 in FY 2024). Revenue: ₹10.1b (up 22% from FY 2024). Net income: ₹853.1m (up 401% from FY 2024). Profit margin: 8.5% (up from 2.1% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • May 01
Excel Industries Limited to Report Fiscal Year 2025 Results on May 14, 2025 Excel Industries Limited announced that they will report fiscal year 2025 results on May 14, 2025 Reported Earnings • Feb 11
Third quarter 2025 earnings released: EPS: ₹4.93 (vs ₹2.13 in 3Q 2024) Third quarter 2025 results: EPS: ₹4.93 (up from ₹2.13 in 3Q 2024). Revenue: ₹1.96b (up 8.9% from 3Q 2024). Net income: ₹62.0m (up 132% from 3Q 2024). Profit margin: 3.2% (up from 1.5% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. New Risk • Feb 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 13% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.1% average weekly change). Significant insider selling over the past 3 months (₹31m sold). Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹1,323, the stock trades at a trailing P/E ratio of 21.8x. Average trailing P/E is 28x in the Chemicals industry in India. Total returns to shareholders of 40% over the past three years. Announcement • Jan 15
Excel Industries Limited to Report Q3, 2025 Results on Feb 07, 2025 Excel Industries Limited announced that they will report Q3, 2025 results on Feb 07, 2025 Board Change • Oct 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Shekhar Khanolkar was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 09
Excel Industries Limited Announces Demise of Mr. Atul G. Shroff, Non Executive - Non Independent Director Excel Industries Limited announced the sad demise of Mr. Atul G. Shroff (DIN: 00019645), Non Executive - Non Independent Director of the Company, on 08 October, 2024. Date of a cessation: With effect from 09 October, 2024. The Directors on the Board of the Company with effect from 09th October, 2024 are as follows: Mr. Ashwin C Shroff- Executive Chairman, Mr. Ravi A Shroff- Managing Director, Mr. Hrishit A Shroff- Executive Director, Dr. Meena Galliara-Non-Executive Independent Director, Mr. Ninad Gupte- Non-Executive Independent Director, Mr. Shekhar Khanolkar- Non-Executive Independent Director, Mr. Rajesh Varma- Non-Executive Independent Director, Mr. Vihang Virkar-Non-Executive Independent Director, Mr. Dinesh Kumar Bhagat- Non- Executive Nominee Director. Announcement • Oct 08
Excel Industries Limited to Report Q2, 2025 Results on Nov 12, 2024 Excel Industries Limited announced that they will report Q2, 2025 results on Nov 12, 2024 Announcement • Sep 21
Excel Industries Limited Approves Final Dividend for the Financial Year Ended 31 March, 2024 Excel Industries Limited at its AGM held on September 19, 2024, approved to declare a final dividend of INR 5.50 per equity share for the financial year ended 31 March, 2024. Upcoming Dividend • Sep 05
Upcoming dividend of ₹5.50 per share Eligible shareholders must have bought the stock before 12 September 2024. Payment date: 19 October 2024. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.0%). Lower than average of industry peers (0.6%). Declared Dividend • Aug 15
Dividend reduced to ₹5.50 Dividend of ₹5.50 is 51% lower than last year. Ex-date: 12th September 2024 Payment date: 19th October 2024 Dividend yield will be 0.4%, which is lower than the industry average of 0.8%. Sustainability & Growth Dividend is well covered by both earnings (41% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 3.9% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 55% to shift the payout ratio to a potentially unsustainable range, which is more than the 22% EPS decline seen over the last 5 years. Announcement • Aug 12
Excel Industries Limited, Annual General Meeting, Sep 19, 2024 Excel Industries Limited, Annual General Meeting, Sep 19, 2024, at 15:00 Indian Standard Time. Reported Earnings • Aug 10
First quarter 2025 earnings released: EPS: ₹24.68 (vs ₹4.67 in 1Q 2024) First quarter 2025 results: EPS: ₹24.68 (up from ₹4.67 in 1Q 2024). Revenue: ₹2.76b (up 29% from 1Q 2024). Net income: ₹310.2m (up 428% from 1Q 2024). Profit margin: 11% (up from 2.7% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • Jul 16
Excel Industries Limited to Report Q1, 2025 Results on Aug 09, 2024 Excel Industries Limited announced that they will report Q1, 2025 results on Aug 09, 2024 Reported Earnings • May 25
Full year 2024 earnings released: EPS: ₹13.53 (vs ₹63.59 in FY 2023) Full year 2024 results: EPS: ₹13.53 (down from ₹63.59 in FY 2023). Revenue: ₹8.59b (down 21% from FY 2023). Net income: ₹170.1m (down 79% from FY 2023). Profit margin: 2.0% (down from 7.3% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • May 25
Excel Industries Limited Recommends Dividend for the Financial Year 2023-24 Excel Industries Limited at its board meeting held on May 24, 2024 recommended a dividend of INR 5.50/- (110%) per equity share of the face value of INR 5/- each for the financial year 2023-24, subject to the approval of the shareholders at the upcoming Annual General Meeting (AGM) of the Company. Buy Or Sell Opportunity • Apr 25
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to ₹1,007. The fair value is estimated to be ₹809, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.5% over the last 3 years. Earnings per share has declined by 16%. Announcement • Apr 17
Excel Industries Limited to Report Q4, 2024 Results on May 24, 2024 Excel Industries Limited announced that they will report Q4, 2024 results on May 24, 2024 Reported Earnings • Feb 13
Third quarter 2024 earnings released: EPS: ₹2.13 (vs ₹14.86 in 3Q 2023) Third quarter 2024 results: EPS: ₹2.13 (down from ₹14.86 in 3Q 2023). Revenue: ₹1.80b (down 19% from 3Q 2023). Net income: ₹26.8m (down 86% from 3Q 2023). Profit margin: 1.5% (down from 8.4% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Feb 09
Excel Industries Limited Announces Resignation of N. R. Kannan as Chief Executive Officer, Effective June 30, 2024 Excel Industries Limited announced that Mr. N. R. Kannan, Chief Executive Officer, has tendered his resignation vide letter dated February 08th, 2024 citing personal and family reasons. He will continue to serve the Company in his current position till 30th June, 2024. Announcement • Oct 05
Excel Industries Limited to Report Q2, 2024 Results on Nov 08, 2023 Excel Industries Limited announced that they will report Q2, 2024 results on Nov 08, 2023 Announcement • Sep 16
Excel Industries Limited Declares Final Dividend for the Financial Year Ended 31 March, 2023 Excel Industries Limited at its AGM held on September 14, 2023, declared a final dividend of INR 11.25 per equity share for the financial year ended 31st March, 2023. Upcoming Dividend • Aug 31
Upcoming dividend of ₹11.25 per share at 1.2% yield Eligible shareholders must have bought the stock before 07 September 2023. Payment date: 14 October 2023. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Indian dividend payers (1.4%). Higher than average of industry peers (0.8%). New Risk • Aug 13
New major risk - Revenue and earnings growth Earnings have declined by 1.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.3% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (5.0% net profit margin). Significant insider selling over the past 3 months (₹13m sold). Reported Earnings • Aug 12
First quarter 2024 earnings released: EPS: ₹4.67 (vs ₹29.47 in 1Q 2023) First quarter 2024 results: EPS: ₹4.67 (down from ₹29.47 in 1Q 2023). Revenue: ₹2.24b (down 32% from 1Q 2023). Net income: ₹58.8m (down 84% from 1Q 2023). Profit margin: 2.6% (down from 11% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Aug 12
Excel Industries Limited, Annual General Meeting, Sep 14, 2023 Excel Industries Limited, Annual General Meeting, Sep 14, 2023, at 15:00 Indian Standard Time. Announcement • Jul 18
Excel Industries Limited to Report Q1, 2024 Results on Aug 11, 2023 Excel Industries Limited announced that they will report Q1, 2024 results on Aug 11, 2023 Announcement • May 17
Excel Industries Limited Recommends A Dividend for the Fiscal Year 2022-23 The Board of Excel Industries Limited has recommended a dividend of INR 11.25/- (225%) per equity share of the face value of INR 5/- each for the fiscal year 2022-23, subject to the approval of the shareholders at the upcoming Annual General Meeting (AGM) of the Company. The dividend will be paid within 30 days of its declaration by the shareholders at the AGM. The date of AGM will be informed in due course. Reported Earnings • May 17
Full year 2023 earnings released: EPS: ₹63.59 (vs ₹128 in FY 2022) Full year 2023 results: EPS: ₹63.59 (down from ₹128 in FY 2022). Revenue: ₹11.0b (down 6.4% from FY 2022). Net income: ₹799.4m (down 50% from FY 2022). Profit margin: 7.2% (down from 14% in FY 2022). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Buying Opportunity • May 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.8%. The fair value is estimated to be ₹1,158, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 27%. Buying Opportunity • Mar 10
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 24%. The fair value is estimated to be ₹1,149, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 27%. Buying Opportunity • Feb 20
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be ₹1,194, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 27%. Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: ₹14.86 (vs ₹61.93 in 3Q 2022) Third quarter 2023 results: EPS: ₹14.86 (down from ₹61.93 in 3Q 2022). Revenue: ₹2.23b (down 36% from 3Q 2022). Net income: ₹186.8m (down 76% from 3Q 2022). Profit margin: 8.4% (down from 22% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Jan 19
Excel Industries Limited to Report Q3, 2023 Results on Feb 10, 2023 Excel Industries Limited announced that they will report Q3, 2023 results on Feb 10, 2023 Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 10 highly experienced directors. President of Environment, Biotech Business & Corporate Services and Executive Director Hrishit Shroff was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Upcoming Dividend • Sep 08
Upcoming dividend of ₹22.50 per share Eligible shareholders must have bought the stock before 15 September 2022. Payment date: 22 October 2022. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 1.6%. Within top quartile of Indian dividend payers (1.6%). Higher than average of industry peers (0.7%). Reported Earnings • Aug 10
First quarter 2023 earnings released: EPS: ₹29.47 (vs ₹17.04 in 1Q 2022) First quarter 2023 results: EPS: ₹29.47 (up from ₹17.04 in 1Q 2022). Revenue: ₹3.31b (up 43% from 1Q 2022). Net income: ₹370.5m (up 73% from 1Q 2022). Profit margin: 11% (up from 9.2% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improved over the past week After last week's 17% share price gain to ₹1,316, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 18x in the Chemicals industry in India. Total returns to shareholders of 64% over the past three years. Reported Earnings • May 30
Full year 2022 earnings released: EPS: ₹128 (vs ₹56.55 in FY 2021) Full year 2022 results: EPS: ₹128 (up from ₹56.55 in FY 2021). Revenue: ₹11.8b (up 57% from FY 2021). Net income: ₹1.61b (up 127% from FY 2021). Profit margin: 14% (up from 9.5% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 11
Investor sentiment deteriorated over the past week After last week's 20% share price decline to ₹1,155, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 18x in the Chemicals industry in India. Total returns to shareholders of 22% over the past three years. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improved over the past week After last week's 22% share price gain to ₹1,613, the stock trades at a trailing P/E ratio of 14.8x. Average trailing P/E is 17x in the Chemicals industry in India. Total returns to shareholders of 36% over the past three years. Reported Earnings • Feb 15
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹61.93 (up from ₹20.80 in 3Q 2021). Revenue: ₹3.51b (up 64% from 3Q 2021). Net income: ₹778.5m (up 198% from 3Q 2021). Profit margin: 22% (up from 12% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improved over the past week After last week's 18% share price gain to ₹1,161, the stock trades at a trailing P/E ratio of 14.4x. Average trailing P/E is 20x in the Chemicals industry in India. Total returns to shareholders of 28% over the past three years. Upcoming Dividend • Sep 09
Upcoming dividend of ₹11.25 per share Eligible shareholders must have bought the stock before 16 September 2021. Payment date: 23 October 2021. Trailing yield: 1.0%. Lower than top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (0.7%). Executive Departure • Aug 26
Additional Nominee Director Praveen Molri has left the company On the 20th of August, Praveen Molri's tenure as Additional Nominee Director ended after 1.5 years in the role. We don't have any record of a personal shareholding under Praveen's name. Praveen is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 4.04 years. Reported Earnings • Aug 18
First quarter 2022 earnings released: EPS ₹17.04 (vs ₹6.54 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹2.32b (up 74% from 1Q 2021). Net income: ₹214.3m (up 161% from 1Q 2021). Profit margin: 9.2% (up from 6.2% in 1Q 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improved over the past week After last week's 17% share price gain to ₹1,241, the stock trades at a trailing P/E ratio of 20.6x. Average trailing P/E is 20x in the Chemicals industry in India. Negligible returns to shareholders over past three years. Reported Earnings • May 30
Full year 2021 earnings released: EPS ₹56.55 (vs ₹76.43 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: ₹7.59b (up 7.9% from FY 2020). Net income: ₹710.9m (down 26% from FY 2020). Profit margin: 9.4% (down from 14% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • May 04
Investor sentiment improved over the past week After last week's 29% share price gain to ₹1,070, the stock trades at a trailing P/E ratio of 18x. Average trailing P/E is 19x in the Chemicals industry in India. Total loss to shareholders of 18% over the past three years. Is New 90 Day High Low • Mar 08
New 90-day high: ₹923 The company is up 1.0% from its price of ₹911 on 08 December 2020. The Indian market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 9.0% over the same period. Reported Earnings • Feb 15
Third quarter 2021 earnings released: EPS ₹20.80 (vs ₹12.91 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₹2.16b (up 32% from 3Q 2020). Net income: ₹261.5m (up 61% from 3Q 2020). Profit margin: 12% (up from 9.9% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Dec 22
New 90-day low: ₹816 The company is down 9.0% from its price of ₹898 on 23 September 2020. The Indian market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 16% over the same period. Reported Earnings • Nov 07
Second quarter 2021 earnings released: EPS ₹13.22 The company reported a soft second quarter result with weaker earnings and profit margins, although revenues were improved. Second quarter 2021 results: Revenue: ₹1.85b (up 2.1% from 2Q 2020). Net income: ₹166.1m (down 58% from 2Q 2020). Profit margin: 9.0% (down from 22% in 2Q 2020). The decrease in margin was driven by higher expenses.