Polyplex Shares Tumble Nearly 9% On Profit Plunge

Polyplex's fourth-quarter net profit plunged 93.34% to Rs 20.3 crore, while revenue fell 11.6% to Rs 1,667.1 crore.

<div class="paragraphs"><p>(Source: Company website)</p></div>
(Source: Company website)

Shares of Polyplex Corporation Ltd. fell nearly 9%, the most in over a year, after its fourth-quarter profit and revenue plunged.

Polyplex's profit plunged 93.34% to Rs 20.3 crore in the fourth quarter ended March, while revenue fell 11.6% to Rs 1,667.1 crore, according to an exchange filing.

Polyplex Corporation Q4 FY23 (Consolidated, Year-on-Year)

  • Revenue down 11.6% at Rs 1,667.1 crore.

  • Ebitda down 85.39% at Rs 55.4 crore.

  • Ebitda margin at 3.32% versus 20.1%.

  • Net profit down 93.34% at Rs 20.3 crore.

  • The company will pay a final dividend of Rs 3 per share for fiscal 2023.

Shares of the company declined 8.52% intraday before recovering to trade 7.39% lower as of 11:06 a.m., compared to a 0.16% gain in the Nifty 50.

The total traded quantity so far in the day stood at 7.5 times the 30-day average volume.

The one analyst tracking the stock maintains a 'hold', according to Bloomberg data.