 "VRL Logistics tanks 20% on weak Q4 results")
VRL Logistics is locked in lower circuit of 20% at Rs 315 on the BSE, after the company reported 32% year-on-year (YoY) decline in net profit at Rs 13.21 crore for the quarter ended March 2016 (Q4FY16). Revenues grew 4.5% at Rs 416 crore on YoY basis.
Ebitda (earnings before interest, taxes, depreciation and amortization) margins declined 328 basis points to 12.07% from 15.35%.
According to reports, VRL Logistics promoters Dr. Vijay Sankeshwar, chairman and managing director and Mr. Anand Sankeshwar, managing director have expressed their intent to a possible commencement of a regional airline in the days to come, by promoting a separate company in their individual capacity.
“The promoters of the company have clearly indicated that the said release is only a statement of intent and that they intend to continue to hold a majority stake in the company as also devote their substantial time and attention towards the company,” VRL Logistics said on clarification to press release of promoters submitted to exchanges.
Till 09:49 am, a combined 683,553 shares changed hands and there were pending sell orders for 485,218 shares on the BSE and NSE.
Ebitda (earnings before interest, taxes, depreciation and amortization) margins declined 328 basis points to 12.07% from 15.35%.
According to reports, VRL Logistics promoters Dr. Vijay Sankeshwar, chairman and managing director and Mr. Anand Sankeshwar, managing director have expressed their intent to a possible commencement of a regional airline in the days to come, by promoting a separate company in their individual capacity.
“The promoters of the company have clearly indicated that the said release is only a statement of intent and that they intend to continue to hold a majority stake in the company as also devote their substantial time and attention towards the company,” VRL Logistics said on clarification to press release of promoters submitted to exchanges.
Till 09:49 am, a combined 683,553 shares changed hands and there were pending sell orders for 485,218 shares on the BSE and NSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%