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CMI Ltd.’s Q1 FY23 Revenue Drops 66.46% YoY to Rs. 7.58 Crore

CMI Limited [NSE: CMICABLES, BOM: 517330], has announced its financial results for the opening quarter of FY-23.

Revenue from operations of the company for Q1 of FY-23 was reported as Rs. 7.58 crore. This reflects a drastic 66.46% drop from Rs. 22.6 crore, which was CMI’s revenue during the same period in the previous fiscal.

CMI’s net loss during the quarter ended 30th June 2022 stood at Rs. 11.92 crore. Net loss of the company in Q1 of FY-22 was Rs. 17.95 crore. Thus, the net loss has been mitigated by 33.59% on a Year-over-Year (YoY) basis.

Quarter-over-Quarter (QoQ) comparison of CMI’s financials reflect a 5.72% decrease in revenue from operations from Rs. 8.04 crore, which was reported for the last quarter of 2021-22 financial year. Net loss of the company has been mitigated by 69.46%, from the Rs. 39.03 crore loss recorded during Q4 of FY-22.

CMI has been reporting net loss consistently since Q4 of FY-20, during which the Coronavirus pandemic forced the first nationwide lockdown in India, and the company has not been able to clock any net profit since. The highest loss in a single quarter recorded by CMI was Rs. 155.44 crore against a revenue of Rs. 68.06 crore during Q4 of FY-21.