Manjushree Technopack tanks after poor Q2 results

Manjushree Technopack tumbled 12.07% to Rs 401.50 at 11:36 IST on BSE after net profit declined 34.09% to Rs 1.72 crore on 25.78% growth in net sales to Rs 104.77 crore in Q2 September 2014 over Q2 September 2013.

The Q2 result was announced after market hours yesterday 27 October 2014.

Meanwhile, the S&P BSE Sensex was up 32.44 points or 0.12% at 26,785.34.

On BSE, so far 30,000 shares were traded in the counter as against average daily volume of 5,138 shares in the past one quarter.

The stock hit a high of Rs 429 and a low of Rs 368.70 so far during the day. The stock had hit a 52-week low of Rs 115.70 on 12 November 2013. The stock had hit a record high of Rs 491 on 27 October 2014.

The small-cap company has equity capital of Rs 13.55 crore. Face value per share is Rs 10.

Commenting on the results, Mr. Vimal Kedia, MD said, "This quarter has seen steady growth in net sales. Increased material cost and expenses have led to drop in bottom line. However, with continued demand from FMCG and beverage industries for PET packaging and our increased exposure to new verticals like liquor, dairy and pharma, we expect to do better in the coming quarters".

Manjushree Technopack said that the profit shall continue to be under pressure due to soaring cost and expenses. The efforts will be to made arrest the expenses to reduce the impact in the coming quarters, the company added.

Manjushree Technopack is a rigid plastic packaging solution provider which specialises in the packaging of consumer goods.

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