Rajesh Exports Shares At Three-Year Low After Q2 Profit Drops 88%
The jewellery maker's net profit tumbled 88% year-on-year to Rs 45.3 crore in the September quarter.
Shares of Rajesh Exports Ltd. plunged over 8% to their lowest level in over three years on Wednesday after its profit tumbled in the second quarter.
The jewellery maker's net profit tumbled 88% year-on-year to Rs 45.3 crore in the September quarter, according to an exchange filing on Tuesday.
Rajesh Exports Q2 FY24 Highlights (Consolidated, YoY)
Revenue down 53% at Rs 38,066 crore.
Ebitda down 88% at Rs 50.1 crore.
Margin down 39 basis points at 0.13%.
Profit down 88% at Rs 45.3 crore.
Rajesh Exports' stock fell as much as 8.24% during the day on the NSE to Rs 402.55 apiece, the lowest since Aug. 3, 2020. It was trading 5.7% lower at Rs 413.40 apiece, compared to a 0.9% advance in the benchmark Nifty 50 as of 10.55 a.m.
It has fallen 43.67% on a year-to-date basis. The total traded volume so far in the day stood at 2.8 times its 30-day average. The relative strength index was at 33.07.
The average of 12-month analyst price targets implies a potential downside of 44.9%.
