Opto Circuits ends 38% lower on weak March quarter earnings

Moneycontrol Bureau

Opto Circuits India plunged 38 percent on Friday after reporting a disappointing March quarter earnings. Shares of Opto Circuits India closed at Rs 31.50, down Rs 19.20, or 37.87 percent after touching 52-week low of 29.90 on the BSE.

Its consolidated revenue has fallen 33 percent to Rs 456 crore compared to Rs 681 crore year-on-year. During the period, consolidated net profit dropped 94 percent year-on-year to Rs 12.3 crore.

Earnings before interest, taxes, depriciation, and amoritsation (EBITDA) crashed 64 percent to Rs 60 crore vs 164 crore Y-o-Y.

Its operating margin has dropped 13 percent compared to 24 percent Y-o-Y.

There has been exceptional outflow of Rs 11 crore in this quarter vs nil. The company has been reeling under huge debt on books and interest costs jumped 105 percent to Rs 36 crore compared to Rs 17.6 crore (Y-o-Y).

However, tax write back of Rs 19 crore saved the day vs a tax write back of Rs 77 crore last fiscal.