Shares of IFGL Refractories Ltd. tumbled over 15% on Tuesday after its profit declined in the fourth quarter of fiscal 2024.
The company's consolidated net profit fell 57.3% year-on-year to Rs 13 crore in the quarter ended March 2024, according to an exchange filing. The decline in the net profit came despite good sales revenue during the quarter ended in March as its profitability declined.
IFGL Refractories Q4 Result Highlights (Consolidated YoY)
Net profit down 57.3% to Rs 13 crore.
Revenue up 7% to Rs 394 crore.
Ebitda down 28% to 35 crore.
Margin at 8.8% versus 13.1%.
Board recommends final dividend of Rs 7 per share.
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Shares of IFGL Refractories declined as much as 15.57%, the lowest level since May 13, before paring loss to trade at 14.59% lower at 10:01 a.m. This compares to a 0.15% decline in the NSE Nifty 50.
The stock gained 121.11% in 12 months, but fallen 22.53% year-to-date. Total traded volume so far in the day stood at 12 times its 30-day average. The relative strength index was at 44.
Of the three analysts tracking the company, two maintain a 'buy' rating, and one recommends a 'hold', according to Bloomberg data.
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