The subsidiaries are dragging the performance of standalone down. They work at low gross margin.
Also, the JV company Innovative Clad Solutions have turned loss making in this quarter. The company has posted a loss of 1.55cr this quarter compared to profit of 1.27cr in second quarter of FY23.
The company was profitable last year according to last year’s annual report –
Shivalik hold 16.01% in the company.
Google search for Innovative Clad Solutions throws the following page –
But the website is inoperative –
Indiamart throws the following page, which is little more descriptive –
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