VRL Logistics is locked in lower circuit of 20% at Rs 315 on the BSE, after the company reported 32% year-on-year (YoY) decline in net profit at Rs 13.21 crore for the quarter ended March 2016 (Q4FY16). Revenues grew 4.5% at Rs 416 crore on YoY basis.
Ebitda (earnings before interest, taxes, depreciation and amortization) margins declined 328 basis points to 12.07% from 15.35%.
According to reports, VRL Logistics promoters Dr. Vijay Sankeshwar, chairman and managing director and Mr. Anand Sankeshwar, managing director have expressed their intent to a possible commencement of a regional airline in the days to come, by promoting a separate company in their individual capacity.
“The promoters of the company have clearly indicated that the said release is only a statement of intent and that they intend to continue to hold a majority stake in the company as also devote their substantial time and attention towards the company,” VRL Logistics said on clarification to press release of promoters submitted to exchanges.
Till 09:49 am, a combined 683,553 shares changed hands and there were pending sell orders for 485,218 shares on the BSE and NSE.