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Solar Industries, one of the largest packaged explosives manufacturer, reported that its net profit dipped 12 per cent to ₹65 crore (₹74 crore) on back lower realisations and orders.
Revenue was down 14 per cent to ₹561 crore (₹653 crore) as orders from well sinking, housing abd infra segment decreased by 24 per cent.
Manish Nuwal, Managing Director & CEO, Solar Industries said monsoon, which was initially predicted to be below normal, ended up to be the highest in last 25 years affecting mining, infrastructure and well sinking activities.
Coal India, a major client of the company, reported highest ever monthly production drop due to flooding in mining areas.
Defence order schedules have been postponed resulting in lower revenues. The company has an order book of ₹377 crore, he said.
The company has participated in RFP of multimode hand grenade, along with few other products. Though government has been articulating the need to involve the private sector in defense for a long time, but progress is quite slow, he said.
Shares of the company was down 3 per cent to ₹1,234 on Tuesday.
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