Plastiblends India slips on weak Q3 results

Plastiblends India dropped 2.24% to Rs 229.85 at 12:30 IST on BSE after net profit fell 28.15% to Rs 5.36 crore on 0.88% rise in net total revenue to Rs 141 crore in Q3 December 2017 over Q3 December 2016.

The result was announced after market hours yesterday, 30 January 2018.

Meanwhile, the S&P BSE Sensex was down 92.21 points or 0.26% at 35,941.52. The S&P BSE Small-Cap index down 84.70 points or 0.45% to 18,788.88, underperforming the Sensex.

On the BSE, 5,755 shares were traded on the counter so far as against average daily volumes of 4,373 shares in the past two weeks. The stock had hit a high of Rs 251.70 and a low of Rs 228 so far during the day. The stock had hit a record high of Rs 333.30 on 6 July 2017 and a 52-week low of Rs 199.50 on 27 March 2017.

Revenue from operations for Q3 December 2017 is not comparable with previous periods since sales are net of GST, whereas excise duties form part of other expenses in previous periods.

Separately, board of directors also approved to raise funds not exceeding Rs 100 crore through various modes.

Plastiblends India is engaged in the manufacturing of masterbatches.

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