Avantel shares plummeted over 13% after the company reported disappointing Q2 results, reflecting a sharp decline in both profitability and revenue. As of 9:54 AM, the shares were trading 13.08% lower at Rs 165.66.
For the quarter, Avantel’s consolidated net profit fell drastically by 81.4% to Rs 4.3 crore, down from Rs 22.9 crore in the same period last year. The company’s EBITDA also saw a steep drop of 67.4%, reaching Rs 11.3 crore compared to Rs 34.7 crore a year ago.
Revenue for Q2 declined 28.4%, coming in at Rs 55.4 crore versus Rs 77.4 crore in the previous year, signaling a slowdown in the company’s core operations. This decline significantly impacted the profit margins, which contracted sharply to 20.4% from 44.8% in the corresponding quarter last year.
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