CARE Ratings tanks 19%, hits fresh 52-week low on weak Q1 results

The company's consolidated operating profit margin during the quarter contracted to 20.1 per cent from 45.6 per cent in previous year quarter.

Shares of CARE Ratings tanked 19 per cent to hit a fresh 52-week low of Rs 608 on the BSE on Thursday after the company reported a 46 per cent decline in its consolidated net profit at Rs 13.5 crore in the June quarter (Q1FY20), due to drop in revenue. The rating and grading agency had reported a profit of Rs 25.2 crore in year ago quarter.

Consolidated operational revenues slipped 17 per cent at Rs 499 crore against Rs 600 crore in the corresponding quarter of previous fiscal. Operating profit margin during the quarter contracted to 20.1 per