Borosil Renewables Shares Tank 15% After Reporting Loss In Q3
The solar glass manufacturer reported a loss of Rs 15.9 crore in the quarter ended December, compared with a profit of Rs 5.8 crore in the year-ago period.
Shares of Borosil Renewables Ltd. tumbled over 15% on Thursday to the lowest in nearly three weeks after it posted a consolidated net loss in the third quarter.
The solar glass manufacturer reported a loss of Rs 15.9 crore in the quarter ended December, compared with a profit of Rs 5.8 crore in the year-ago period, according to an exchange filing on Wednesday.
Borosil Q3 FY24 Earnings Highlights (Consolidated, YoY)
Revenue up 34% at Rs 330 crore.
Ebitda up 8.2% at Rs 20.2 crore.
Margin contracts to 6.1% vs 7.6%.
Net loss at Rs 15.9 crore vs profit at Rs 5.8 crore.
On the NSE, Borosil's stock dropped 15.12% during the day to Rs 516.35 apiece, the lowest since Jan. 20. It was trading 6.96% lower at Rs 565.95 per share, compared to a 0.19% decline in the benchmark Nifty 50 at 10:49 a.m.
The share price has risen 17.98% in the last 12 months. The total traded volume so far in the day stood at 2.2 times its 30-day average. The relative strength index was at 53.
An analyst tracking the company has a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 18.4%.
