Shares of the Ugar Sugar Works Ltd. fell over 16% on Friday after it reported a net loss in the first quarter.
The manufacturer of white crystal sugar posted a net loss of Rs 9.1 crore compared to a net profit of Rs 5.7 crore in the year-ago period, according to an exchange filing on Thursday.
Ugar Sugar Works Q1 FY24 Highlights (Consolidated, YoY)
Revenue down 42% to Rs 217.7 crore.
Ebitda down 75% at Rs 6.1 crore.
Ebitda margin at 2.81% vs. 6.56%.
Net loss of Rs 9.1 crore vs. net profit of Rs 5.7 crore.
Shares of Ugar Sugar Works plunged 16.60% to hit an intra-day low of Rs 105 apiece. The stock pared some losses to trade 11.32% lower at Rs 111.65 per share, compared to a 0.38% decline in the benchmark NSE Nifty 50 at 10:40 a.m.
The total traded quantity so far in the day stood at 11.2 times the 30-day average volume. The stock's relative strength index stands at 27, indicating that it may be oversold.
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