Craftsman Automation fell 3.19% to Rs 2,055 after the auto ancillary company reported a 49% drop in consolidated net profit to Rs 24.07 crore on 19% fall in revenue from operations to Rs 435.19 crore in Q1 FY22 over Q4 FY21.
The company posted a net loss of Rs 16.23 crore on revenue of Rs 163 crore in Q1 FY21.Consolidated profit before tax declined 50.3% to Rs 36.57 crore in Q1 FY21 as against Rs 73.7 crore in Q4 FY21. The auto ancillary company posted a pre-tax loss of Rs 24.5 crore in Q1 FY21.
Craftsman Automation is a diversified engineering company with vertically integrated manufacturing capabilities, engaged in three business segments, namely automotive-powertrain and others, automotive-aluminum products, and industrial and engineering.
Shares of Craftsman Automation entered bourses on 25 March 2021. The stock was listed at Rs 1350, a discount of 9.4% to IPO price of Rs 1490 per share. The IPO of Craftsman Automation was subscribed 3.81 times. The issue opened for bidding on 15 March 2021 and closed on 17 March 2021. The price band for the IPO was set at Rs 1488-1490 per share.
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