Bikaji Foods share price advanced 19 percent in February 19 trade on high volumes. It was the biggest single-day jump for the shares of the company in the last eight months.
Shares of Bikaji Foods International Ltd touched an intraday high of Rs 677.25 per share on the NSE, rising 19.1 percent. Over 23 lakh shares changed hands today on the NSE, generating a total volume of Rs 150.23 crore. At around 3:15, the stock of the company was trading at Rs 662.85 apiece, rising 17 percent.
For the third quarter, the Net profit of the company plunged 39 percent on year to Rs 28.6 crore, down from the Rs 46.6 crore that it clocked in a year ago. The bottomline was also adversely affected by a weak operational performance in the quarter gone by.
Bikaji Food shares tank 13% as high input costs drag Q3 earnings
The company faced inflationary pressures on key raw materials such as edible oil, potatoes, and besan which sharply lifted its input bill. This weighed on the company's EBITDA margins eroding it by 257 basis points compared to the same quarter last year.
However, revenue grew 14.5 percent on-year Rs 714.90 crore, driven by a 3 percent increase in volumes.
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