Munjal Showa slumps after poor Q4 numbers

Munjal Showa lost 7.36% to Rs 104.50 at 15:09 IST on BSE after net profit declined 15.73% to Rs 18.85 crore on 4.98% growth in net sales to Rs 416.90 crore in Q4 March 2014 over Q4 March 2013.

The Q4 result was announced during market hours today, 23 May 2014.

Meanwhile, the S&P BSE Sensex was up 304.87 points or 1.25% at 24,679.27.

On BSE, so far 63,000 shares were traded in the counter as against average daily volume of 31,000 shares in the past two weeks.

The stock hit a high of Rs 115 so far during the day, which is a record high for the counter. The stock hit a low of Rs 103 so far during the day.

Munjal Showa's net profit rose 14.86% to Rs 69.70 crore on 1.04% growth in net sales to Rs 1597.97 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).

During the year ended 31 March 2013, the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) based on Supreme Court's final order had demanded an additional amount of Rs 13.18 crore from the company towards land enhancement cost including interest, in relation to Manesar land. The company had capitalized Rs 7.04 crore as land cost and had charged off Rs 6.14 crore as interest cost (disclosed as exceptional item) during the previous year. The company has also provided for an additional interest expense of Rs 1.58 crore for the year ended 31 March 2014, Munjal Showa said.

Munjal Showa is a pioneer in the manufacture of shock absorbers.

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