Shares of Anupam Rasayan India Ltd. fell nearly 9% on Monday after its profit halved in the October-December quarter of FY24.
The chemical manufacturer's net profit declined 52.2% year-on-year to Rs 26 crore in the third quarter, according to an exchange filing.
Anupam Rasayan Q3 Results Highlights (Consolidated, YoY)
Revenue down 24.6% at Rs 295.5 crore.
Ebitda down 28.82% at Rs 79 crore.
Margin narrows 158 bps to 26.73%.
Net profit down 52.2% at Rs 26 crore.
Shares of Anupam Rasayan declined 8.94%, the lowest level since Oct. 26, 2023, before paring loss to trade 7.20% lower at 11:48 a.m. This compares to a 0.44% decline in the NSE Nifty 50.
The stock has risen 38.24% in 12 months. Total traded volume so far in the day stood at 3.0 times its 30-day average. The relative strength index was at 29.91, implying the stock was slightly oversold.
Of the 11 analysts tracking the company, three maintain a 'buy' rating, two recommend a 'hold,' and six suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 15.2%.
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