Vakrangee tanks 18% on weak Q1 results

The stock slipped 18% to Rs 51.50 on the BSE in intra-day trade after the company reported a sharp 92% fall in its consolidated net profit at Rs 131 million in June quarter.

Shares of Vakrangee tanked 18% to Rs 51.50 on the BSE in intra-day trade after the company reported a sharp 92% fall in its consolidated net profit at Rs 131 million in June quarter (Q1FY18). It had profit of Rs 1,680 million in the same quarter last fiscal.

The company’s total revenue declined 21% at Rs 10.28 billion against Rs 13.05 billion in the corresponding quarter of previous fiscal. EBITDA (earnings before interest, tax, depreciation and amortization) margin stood at 2.4% in Q1FY19 as compared to 20.3% in Q1FY18.

The Company's activities predominantly comprise providing various services through