Heranba Industries’ shares were locked in the lower circuit in Monday’s trade after the company reported a weak set of numbers for the period ended on December 31, 2022. The stock hit a fresh record low during the session after reporting its quarterly earnings.
Heranba Industries reported a 73.10 per cent decline in the net profit, at Rs 14.39 crore, for the December 2022 quarter, which came at Rs 53.49 crore during the same period a year ago (December 2021). It reported a net profit of Rs 47.68 crore in the September 2022 quarter.
Heranba Industries’ revenue from operations plunged 29.1 per cent to Rs 280.21 crore in Q3 FY23, which was Rs 395.39 crore in Q3 FY22. The company had clocked a revenue of Rs 423.33 crore in the preceding quarter Q2 FY23.
Heranba Industires EDITDA was down 66 per cent to Rs 26.4 crore from Rs 76.3 crore, while its EBITDA margins contracted 965 basis points to 9.41 per cent for the quarter from 19.06 per cent a year ago.
Heranba Industries’ shares plunged 20 per cent to touch a record low of Rs 372.85 today over their previous close of Rs 466.05. The stock has halved from its 52-week high of Rs 738, hit in February last year.
The scrip has tumbled about 25 per cent in the last one month, whereas it fell 35 per cent in the last six months. Shares of Heranba Industries traded 55 per cent below its all-time high of Rs 838, hit in August 2021.
Heranba Industries reported a 34.6 per cent fall in profit after tax (PAT) at Rs 95.8 crore for the nine-month ended on December 31, 2022. The company had reported a bottomline of Rs 146.5 crore in the year-ago period. Its revenue from operations dropped marginally to Rs 1,065.5 crore from Rs 1,100.2 crore during the period under review.
Incorporated in 1992, Heranba Industries was listed at the bourses in March 2021, when the company raised Rs 625.25 crore via its initial stake sale, by selling its shares in the range of Rs 626-627 apiece. The Gujarat-based company is engaged in different types of pesticides for crop protection.
YES Securities said that the company reported a disappointing set of numbers. The brokerage has a ‘buy’ rating on the stock, but would review the same post company’s conference call which is scheduled later in the day.
Also read: 8 Adani group stocks stare at $1.5 billion outflows. Here are 4 scenarios
Also read: Adani Enterprises FPO: Group CFO says significant participation likely from institutional, strategic investors
