Gandhar Oil Shares Tumble 9% After Q2 Profit Decline

Shares of Gandhar Oil Refinery (India) Ltd. slumped on Monday to touch their lowest since listing, after the company reported a decline in its second-quarter net profit.

The net profit of the company, which debuted on the indices on Nov. 30, fell 11.3% to Rs 48.1 crore, compared to the previous quarter.

Gandhar Oil Refinery (India) Ltd. Q2 FY24 Key Highlights (Consolidated, QoQ)

• Revenue down 6.5% at Rs 1,000.9 crore.

• Ebitda down 9.9% at Rs 75.8 crore.

• Ebitda margin at 7.57%, down 28 basis points.

• Net profit declined 11.3% to Rs 48.1 crore.

The company's short-term debt rose. There was an increase in inventory, creditor, debtor and net working capital days.

The current liabilities doubled sequentially to Rs 321.2 crore, revealed an investor presentation.

Gandhar Oil shares fell as much as 9.09%, before paring losses to trade 5.47% lower at 10:14 a.m., compared to a 0.04% advance in the NSE Nifty 50.

Total traded volume so far in the day stood at 0.8 times its 30-day average.