Shares of Tatva Chintan Pharma Chem Ltd. fell after its fourth-quarter profit tumbled.
The net profit of the maker of specialty chemicals plunged 66.61% over a year earlier to Rs 11.4 crore in the three months ended March, according to its filing.
The company attributed the decline to a change in product needs across business segments.
Q4 revenue rose 26% year-on-year to Rs 124.5 crore.
Revenue from operations for FY23 fell 2% to Rs 423.6 crore.
Net profit for FY23 stood at Rs 44.78 crore, compared with Rs 104.12 crore in FY22.
It also reported annual repayments to the tune of Rs 9.8 crore.
Shares of Tatva Chintan Pharma opened lower and were trading 6.96% below the previous close at 12:57 p.m., compared with an over 1% rise in the benchmark Nifty 50.
Of the five analysts tracking the company, three maintain a 'buy' rating, and one each recommends 'hold' and 'sell', according to Bloomberg data. The return potential, as calculated by the average of analyst estimates, stands at 14.5% over the next 12 months.
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