Shares of Aarti Industries Limited fell 3% to Rs 458 at 09:20 on August 9 after the company’s net profit fell nearly 50% to Rs 70 crore in the first quarter.
The figures also missed analysts’ estimate that net profit was around Rs 75 crore.
Chemical manufacturers’ operating revenue also fell 12.1% to Rs 1,414 crore. Aarti’s revenue for the corresponding quarter of the last financial year was Rs 1,610 crore.
Earnings before interest, taxes, depreciation and amortization (EBITDA) also fell 29% to Rs 201 billion year-on-year, missing estimates of around Rs 224 billion. According to the company’s investor presentation, the company highlighted four major projects expected to be completed by September 2024. capacity and expansion,
The company’s management says all asset recovery and sustainability initiatives will be completed by September.
During the fourth quarter of last year, the chemical company’s management highlighted weak demand scenarios in key markets and discretionary segments. In addition, taxes on textile-related products such as dyes and pigments remain moderate.
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