Share price of Sutlej Textiles and Balrampur Chini Mills declined 4-8 percent intraday Thursday after dismal December quarter performance.
The company’s Q3 net profit fell sharply by 40.9 percent year-on-year to Rs 16.3 crore on weak operational performance.
It had reported net profit at Rs 27.7 crore in quarter ended December 2016.
Revenue from operations in Q3 increased 10 percent to Rs 594 crore, from Rs 540 crore in year-ago.Operating income declined 20.1 percent to Rs 56.6 crore and margin contracted 360 basis points to 9.5 percent compared to same quarter last year.
Balrampur Chini Mills’ net profit fell 65 percent to Rs 61.4 crore in quarter ended December 2017 from Rs 175.2 crore in year-ago, impacted by disappointing operational performance.
Revenue from operations increased 6.9 percent to Rs 1,001.9 crore in Q3FY18, compared to Rs 937 crore in same period last year.
Operating profit during the quarter tanked 55.6 percent to Rs 109.2 crore and margin cracked sharply to 10.9 percent from 26.3 percent YoY.
The company’s board is going consider buyback proposal on February 21, 2018.
At 14:27 hrs Sutlej Textiles was quoting at Rs 86, down 8.02 percent and Balrampur Chini Mills was quoting at Rs 110.50, down 2.73 percent on the BSE.
In the last 1 month Sutlej Textiles was down 17 percent and Balrampur Chini Mills was down 18 percentmoneycontrol