Quarterly Results: Monnet Ispat & Energy Ltd.
Bhagyashree Vivarekar / 09 Dec 2016
Monnet Ispat & Energy Ltd is currently trading at Rs 22.3, down by 0.25 points or 1.11 per cent from its previous close of Rs 22.55 on the BSE. The company posted a net loss of Rs 408.95 crore, which was marginally higher that the net loss of Rs 400.86 crore reported during Q2FY16.
Technical View:
Monnet Ispat & Energy Ltd is currently trading at Rs 22.3, down by 0.25 points or 1.11 per cent from its previous close of Rs 22.55 on the BSE.
The scrip opened at Rs 23.4 and has touched a high and low of Rs 23.4 and Rs 19.25, respectively. A total of 356484 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.
Standalone Results Q2FY17:
Monnet Ispat & Energy Ltd posted weak Q2FY17 standalone numbers.
The company's revenue for the quarter tumbled 46.4 per cent YoY at Rs 301.18 crore. The revenue from steel segment dropped 46.27 per cent YoY, while revenue from power segment dropped 42.8 per cent YoY.
However, the company posted EBIDTA loss of Rs 39 crore as against EBIDTA loss of Rs 102 crore in the corresponding period of the previous year. This was on account of 43 per cent YoY decrease in overall operating costs.
The company posted a net loss of Rs 408.95 crore, which was marginally higher that the net loss of Rs 400.86 crore reported during Q2FY16. This was due to 67.5 per cent YoY decline in other income and 27 per cent YoY increase in finance costs.
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