Shares of KRBL Ltd. tumbled over 10%, the most in over eight months, on Wednesday after its profit and revenue declined sequentially in the fourth quarter ended March 31.
The rice miller and exporter's net profit declined 42.6% to Rs 118 crore quarter-on-quarter, according to an exchange filing. Its revenue also fell 16.7% sequentially to Rs 1,279.7 crore.
KRBL Q4 FY23 (Consolidated, Quarter-on-Quarter)
Revenue fell 16.7% to 1,279.7 crore.
Ebitda stood at Rs 143.9 crore versus Rs 278.8 crore.
Ebitda margin stood at 11.2% versus 18.2%.
Net profit fell 42.6% to Rs 117.9 crore.
Shares of KRBL fell as much as 10.14% intraday before paring losses to 9.53% lower as of 10:55 a.m. This compares with a 0.49% decline in the benchmark Nifty 50. The stock has declined the most since Sept. 8, 2022.
The total traded quantity so far in the day stood at 5.4 times the 30-day average volume.
The one analyst tracking the stock recommends a 'buy', according to Bloomberg.
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