Acme Solar Share Price Falls As Q2 Net Profit Down 60%

Acme Solar Holdings share price fell after gaining for two consecutive sessions a day after the company reported its results for the September quarter in which the company reported a 60% year-on-year fall in its consolidated net profit.

The company, which made a debut on exchanges earlier this month, reported a consolidated net profit of Rs 15.3 crore as its revenue fell 19.7% year-on-year to Rs 260 crore. The company's Ebitda margin contracted to 85% as against 89.6% in the year-ago quarter.

In its investor presentation, it said Ebitda margin during the quarter has reduced marginally on a year-on-year basis on account of increase in manpower expenses and its allocation towards a lower asset base due to 369 MW asset monetised in the second half of the last fiscal.

Adjusted for the impact of these assets monetised, the company reported 75.4% year-on-year increase in its cash profit after tax to Rs 75 crore, according to a press release.

Acme Solar Holdings share price fell as much as 7.44% to Rs 238.80 apiece. It pared losses to trade 4.5% lower at Rs 246.4 apiece, as of 10:19 a.m. This compares to a 0.1% decline in the NSE Nifty 50 index.

Total traded volume so far in the day stood at 0.5 times its 30-day average.