Ion Exchange (India) tumbled 5.75% to Rs 2,194 after the company's consolidated net profit tumbled 66% to Rs 23.88 crore on 29.4% fall in revenue from operations to Rs 314 crore in Q1 FY22 over Q4 FY21.
On a year-on-year basis, net profit increased 34.9% while revenue from operations rose 18.4% in Q1 FY22 over Q1 FY21. Profit before tax fell 62.7% on a sequential basis but rose nearly 31% on a year-on-year basis to Rs 33.43 crore in Q1 FY22.The company said it assessed the potential impact of COVID-19 on its capital and financial resources, profitability, liquidity position, ability to service debt and other financing arrangements. The company assured that its liquidity position is adequate to meet its commitments and it expects to recover the carrying value of its assets.
Shares of Ion Exchange continued its losing streak for fourth consecutive trading. The stock has lost nearly 14% in four days from its previous closing high of Rs 2,541.5 posted on 5 August 2021.
Ion Exchange (India) is engaged in water and environment management business. The company offers products, including ion exchange resins, water treatment plants and chemical additives. The firm's segments are engineering, chemicals and consumer products.
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