Praj Industries shares dropped nearly 5 percent on October 28 as investors dumped the stock after the company's disappointing earnings performance for the September quarter. The company's net profit slipped 14 percent on year to Rs 53.83 crore as compared to Rs 62.37 crore in the same period last fiscal.
Revenue also dipped close to 7.5 percent on year to Rs 816.19 crore, down from Rs 882.33 crore in the base period.
At 12.19 pm, shares of Praj Industries were trading at Rs 699.30 on the NSE, though firm in the red, but still sharply off its day's low of Rs 677.55.
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Order intake for the September quarter came at Rs 921 crore, up from Rs 888 crore in the previous quarter, though slightly below Rs 1,063 crore from the same period last year.
“The bioenergy segment is progressing well, with growth across multiple fronts and strong order and enquiry inflows from international markets, services, and engineering verticals in the first half of the year," Praj Industries CEO Shishir Joshipura said in an exchange filing. “Our commitment to R&D-backed solutions will keep us aligned with our growth ambitions,” Joshipura added.
The stock has remained under pressure in the past month, shedding over 13 percent of its value during the period. Trading volumes in the counter were also higher than the one-week average, which further added pressure on the stock. As much as nine lakh shares changed hands on the exchanges so far, higher than the one-week daily traded average of six lakh shares.
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