Shares of CCL Products India Ltd. fell over 9% intraday on Friday, October 16, in response to its September quarter results that were reported after market hours on Thursday.
This is the biggest single-day fall for the stock since March 2020, when the stock fell 15%.
While most of the other parameters of the company saw improvement on a year-on-year basis during the September quarter, margins remain unchanged from the year-ago period.
Net profit for the period increased by 29% from last year to ₹130.09 crore from ₹100.85 crore earlier.
Revenue growth stood at 7.5% during the quarter to ₹1,210.76 crore. The company had reported a topline of ₹1,126.72 crore during the last September quarter.
The company’s earnings before interest, taxes, depreciation and amortization (EBITDA) increased 7.6% to ₹212.08 crore from ₹197.12 crore in the previous fiscal. EBITDA margins remained unchanged at 17.5%.
CCL Products shares do not have a “sell” recommendation from any of the 12 analysts who have coverage on the stock after its September quarter results. Eight out of those 12 have a “buy” rating, while four have a “hold” rating.
Shares of CCL Products declined 9.3% to hit an intraday low of 985 apiece on Friday. This is the second day of losses for the stock.
The stock is now trading 7.8% lower at ₹1,000.3. The stock is down 20% from its 52-week high of ₹1,242.
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