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Maharashtra Seamless tumbles as Q4 net loss widens

Capital Market 

Maharashtra Seamless slumped 7.07% to Rs 207.10 after the company reported a consolidated net loss of Rs 243.90 crore in Q4 FY20, higher than net loss of Rs 69.96 crore in Q4 FY19.

Net sales during the quarter declined 38.9% year-on-year (YoY) to Rs 588.42 crore. Pre-tax loss in Q4 March 2020 stood at Rs 193.97 crore as compared to a pre-tax loss of Rs 22.22 crore in Q4 March 2019. Total tax expense tumbled 78% YoY to Rs 16.83 crore in the June quarter.

The company's board has declared a dividend of Rs 2.50 per equity shares, which translates to a dividend yield of 1.21% on the current market price of 207.10.

Maharashtra Seamless manufactures carbon and alloy steel seamless pipes, ERW (Electrical Resistance Welding) steel and castings pipes. The company also owns a wind power mill.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, July 28 2020. 12:15 IST