Nandan Denim, Lovable Lingerie fall over 10% on weak Q4 result

Nandan Denim slipped 16% to Rs 103, also its 52-week low on the BSE, after the textile company posted a sharp 98% year on year decline in its net profit at Rs 7.7 million in Q4FY18.

Shares of Nandan Denim and Lovable Lingerie have plunged over 10% in otherwise strong market after these companies reported a weak set of numbers for the quarter ended March 2018 (Q4FY18).

Nandan Denim has slipped 16% to Rs 103, also its 52-week low on the BSE, after the textile company posted a sharp 98% year on year decline in its net profit at Rs 7.7 million in Q4FY18, due to higher raw material cost. It had profit of Rs 321 million in year ago quarter.

Operational revenue during the quarter grew just 1.2% at Rs 3,868 million against Rs 3,821 million in the corresponding quarter of previous fiscal. The raw material cost increased by 48% to Rs 2,652 million over the previous year quarter.

Lovable Lingerie plunged 13% to Rs 153 after the company’s net losses in Q4FY18 widened to Rs 143 million in Q4FY18, against Rs 39 million in the same quarter year ago. Revenue from operations declined 22% to Rs 286 million from Rs 365 million in the corresponding quarter of previous fiscal.