Shares of Jindal Drilling and Industries were trading over 7 percent down in morning trade on August 2 after the company posted a 60 percent drop in net profit for the quarter ended June 2023.
At 11.20 am, shares of the company were trading 7.22 percent down at Rs 385.45 on the BSE.
The company’s consolidated net profit plunged 60 percent YoY to Rs 12.07 crore for the June quarter, from Rs 30.12 crore in the corresponding period of FY23.
Net income from operations stood at Rs 93.95 crore compared to Rs 132.71 crore in Q1 FY23, a decline of 29 percent, it said in a post-market hours regulatory filing on August 1.
Profit before tax declined 54.72 percent to Rs 18.85 crore, as against Rs 41.63 crore in the year-ago quarter.
The board of the company also recommended the re-appointment of Raghav Jindal as Managing Director for a period of five years with effect from August 13, 2023, subject to the approval of shareholders.
Raghav Jindal is the son of D P Jindal, chairman of the company.
Jindal Drilling and Industries Limited (JDIL), part of the D.P. Jindal Group Drilling Division, is a leading company in offshore drilling in India’s oil and gas sector in operation since 1989.
As of the quarter ended June 2023, the promoters held 63.40 percent stake in the firm, with the rest 36.60 percent being held by public shareholders
Shares of the company are up 30 percent on YTD basis, while the 1-year return stands at 80 percent.
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