KRBL slumps after weak Q3 outcome

KRBL fell 8.09% to Rs 331.20 at 11:30 IST on BSE after consolidated net profit declined 12.82% to Rs 107.22 crore on 19.45% rise in net sales to Rs 935.80 crore in Q3 December 2018 over Q3 December 2017.

The result was announced after market hours on Friday, 8 February 2019.

Meanwhile, the S&P BSE Sensex was down 123.74 points, or 0.34% to 36,422.74.

On the BSE, 16,000 shares were traded in the counter so far compared with average daily volumes of 26,000 shares in the past two weeks. The stock had hit a high of Rs 335 and a low of Rs 317.25 so far during the day. The stock hit a 52-week high of Rs 650 on 15 February 2018. The stock hit a 52-week low of Rs 277.25 on 11 December 2018.

The company said it has received a demand notice under section 153A of the Income tax Act, 1961, with respect to assessment years 2010-11 to 2016-17, amounting to Rs 757.44 crore and interest thereon (Rs 511.76 crore). The management, based on legal assessment, is confident that it has a favourable case and that the demand shall be deleted at the appellate stage. The auditors of the company have invited attention to the aforementioned issue in their review report for the period ended 31 December 2018.

KRBL is India's largest producer and exporter of Basmati rice.

Powered by Capital Market - Live News