VRL Logistics Falls To Over One-Month Low After Profit Declines 60% In Q1
The company said its net profit fell 60.4% on the year to Rs 13.4 crore in the quarter ended in June.
Shares of VRL Logistics Ltd. plunged nearly 8% to their lowest in over a month on Monday after its profit declined 60% during the April-June quarter.
The company's net profit fell 60.4% on the year to Rs 13.4 crore in the quarter ended in June, according to an exchange filing. Its operating profit declined 14.7% annually to Rs 86.9 crore.
VRL Logistics Ltd.'s margin declined 320 basis points on the year to 11.9%.
The company's top line rose 7.9% to Rs 727 crore, compared to Rs 674 crore reported in the corresponding period of the previous financial year.
The logistics company also reported a 66.36% rise in its other income during April–June after it sold an immovable property to its promoter for Rs 14.88 crore. Its other income for the period was Rs 14.77 crore.
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Shares of VRL Logistics fell 7.92% to Rs 525, the lowest level since June 4. It was pared losses to trade 3.35% lower at Rs 549.90 as of 12:41 p.m., compared to 3.17% decline in the NSE Nifty 50 index.
The stock declined 19.04% in last 12 months and 28.57% on year-to-date basis. Total traded volume so far in the day stood at 2.7 times its 30-day average. The relative strength index was at 36.59.
Out of 13 analysts tracking the company, nine maintain a 'buy' rating, one recommends a 'hold', and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 25.3%
