Gandhar Oil Shares Tumble 9% After Q2 Profit Decline
The net profit of the company that recently debuted on the indices fell 11.3% to Rs 48.1 crore, compared to the previous quarter.
![<div class="paragraphs"><p>(Source: Gandhar Oil Refinery Website) </p></div>](https://media.assettype.com/bloombergquint%2F2023-11%2F7b723a4d-e8c6-4496-8c75-e8b4d9df98f8%2FTankerfilling_Taloja.webp?rect=0%2C13%2C800%2C450&auto=format%2Ccompress&w=200)
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 Tumble 9% After Q2 Profit Decline](https://media.assettype.com/bloombergquint%2F2023-12%2F3a8d31ca-c44f-4d88-9577-dc4827709d48%2FGANDHAR.png?auto=format%2Ccompress)
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.