Solar Industries net down 12 per cent on lower realisation

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.