Shares of Orient Bell declined nearly 7 percent in the morning trade on May 24, a day after the company posted disappointing Q4 results. At 11:38am, the stock was trading 7.73 percent lower at Rs 564.40 on the NSE.
Orient Bell has reported a 61.62 percent year-on-year (YoY) decline in its net consolidated profit during the January-March quarter of FY23. Its net profit for the quarter ended March 31, 2023 stood at Rs 6.30 crore as compared to Rs 16.5 crore a year ago.
The ceramic and floor tiles manufacturer reported a 7.2 percent fall in revenue from operations to Rs 200.30 crore from Rs 216 crore. The drag in revenues is attributed to domestic retail demand not as buoyant as was expected during the last quarter. The company’s earnings before interest, taxes, depreciation and amortization (EBITDA) stood at Rs 14.13 crore in March 2023, down 46.92 percent from Rs 26.62 crore last year.
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On an annual basis, the company saw a shrink in its margins with the EBITDA margin down 150 basis points to 7.50 percent in FY23 as against 9 percent last year. Net profit margin also slumped 170 basis points to 3.2 percent from 4.90 percent in the last one year.
Orient Bell’s earnings per share (EPS) decreased to Rs 4.22 in March 2023 from Rs 11.26 in the same period last year.
The board of directors of the company has recommended a dividend of Re 1 per equity share of Rs 10 each for the financial year 2022-23.
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