Shares of Astec LifeSciences sunk 11 percent on May 3 as the company’s poor Q4 performance drove investors to dump the company’s stock.
At 12:05 pm, the company’s stock was trading at Rs 1,256.00, down Rs 94.75, or 7.01 percent. It was trading with volumes of 6,706 shares, compared to its five-day average of 610 shares, an increase of 999.34 percent.
Currently, it is trading 45.05 percent below its 52-week high and 19.62 percent above its 52-week low.
The company’s sales tanked 53 percent YoY to Rs 127 crore in Q4 of FY23. It reported a loss of Rs 5 crore as compared to the net profit of Rs 43 crore posted a year ago.
Catch up on all LIVE stock market updates here
Topline as well as profitability was adversely impacted by subdued demand for key enterprise products with further drop in realisations. Lower realisations coupled with elevated input costs impacted margin profile. Operating margin for the quarter contracted to 4.3 percent from 24 percent.
High level of channel inventories in India as well as key export markets, resultant demand-supply imbalance and subsequent correction in prices of key Active Ingredients (AI) continued to pose challenges for the Indian Agrochemical sector, primarily in the second half of the year, said N B Godrej, Chairman, Astec LifeSciences.
“Astec also witnessed an unprecedented drop in volumes as well as realisations in H2FY23 and as a result, the company reported a decline in topline and profitability in FY23 as compared to the previous year,” he added.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
