Solar Industries’ profit jumps 61% on tax write back
Solar Industries, a packaged explosive manufacturing company, has reported 61 per cent jump in September quarter net profit at ₹87 crore against ₹54 crore largely due to lower tax.
Revenue of the company was down at ₹507 crore (₹521 crore) due weak economic activity.
The company logged a deferred tax write back of ₹27 crore (₹3 crore) and lower current tax of ₹18 crore against ₹32 crore recorded in same period last year.
In line with its strategic decision to cater propulsion system for space application, the company has decided to make an equity investment of ₹17.50 crore in Sky Root, a start-up which is entering into the business of launching small satellites in two years. The company has also received supply order from ISRO.
