Shares of Deepak Nitrite saw a sharp decline of over 4% in early morning trading after the company reported its Q1 results for the financial year. Investors reacted to the disappointing performance, which showed a notable drop in both revenue and profitability compared to the same period last year.
Deepak Nitrite reported revenue of Rs 1,890 crore, down 12.8% from Rs 2,167 crore in the previous year. The company’s EBITDA fell sharply by 38.7% to Rs 190 crore versus Rs 309 crore last year, with the margin declining to 10% from 14.3%. Net profit also took a significant hit, dropping 44.6% to Rs 112 crore from Rs 203 crore in Q1 FY24.
The stock opened at Rs 1,800 and traded in a range of Rs 1,775 to Rs 1,830 during the morning session. This comes after the previous close of Rs 1,873.30. The 52-week high for Deepak Nitrite stands at Rs 3,093.75, while the 52-week low is Rs 1,775. As of 9:53 AM, the shares were trading 4.06% lower at Rs 1,797.30.
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