Tata Metaliks declines after Q2 profit plunges 51%

Tata Metaliks' standalone net profit slumped 50.8% to Rs 23.39 crore on a 6.6% decline in net sales to Rs 511.38 crore in Q2 September 2019 over Q2 September 2018.

The profit before tax (PBT) fell 63.71% to Rs 22.96 crore in Q2 September 2019 over Q2 September 2018.

The fall in net profit was less severe due to a 78.7% fall in current tax expense which stood at Rs 2.89 crore in Q2 September 2019 compared with the corresponding quarter in the previous fiscal.

Total expenses were at Rs 494.10 crore in the quarter under review against Rs 485.23 in the year-ago quarter.

Meanwhile, the S&P BSE Sensex was up 165 points or 0.41% to 39,996.96.

Shares of Tata Metaliks were down 2.34% to Rs 562. On the BSE, 2,823 shares were traded in the counter so far compared with average daily volumes of 2,544 shares in the past two weeks. The stock hit a high of Rs 571.95 and a low of Rs 556.55 so far during the day.

Tata Metaliks manufactures pig iron and ductile iron pipes.

Powered by Capital Market - Live News