Sanghi Industries Ltd’s share price dropped 5 percent in the morning trade on May 18, a day after the company reported standalone net sales at Rs 225.67 crore in the March quarter, down 36.46 percent from Rs 355.15 crore in the year-ago period.
Its quarterly net loss widened to Rs. 104.56 crore from Rs. 6.31 crore in March 2022. EBITDA was negative at Rs 11.30 crore against Rs. 45.69 crore in the year-ago quarter.
Sanghi Industries also told exchanges that it issued 73,26,000 equity shares at Rs 68.25 a share (face value equal of Rs 10 each) to promoter group entity by way of private placement on a preferential basis aggregating to Rs 50 crores on December 30, 2022.
In FY23, the company issued 5,000 unlisted, unrated, secured redeemable non-convertible debentures having a face value of Rs 10,00,000 each aggregating to Rs 500 crore on a private placement basis.
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Stock Performance
Sanghi Industries stock has underperformed the benchmark Nifty over the last 5 years. Sanghi Industries has lost 28.93 percent of its value during the period, while the Nifty has given a return of 72.06 percent over the duration.
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