Vakrangee reports disappointing results

The company reported lacklustre results for the December quarter with standalone revenues from operation at a mere Rs. 82.46 crore as against Rs. 1,750.46 crore in the year-ago quarter.  The company’s PAT was at Rs. 0.99 crore.

For Q3FY19, on a standalone basis, the company’s total revenue came in at Rs. 82.46 crore as against Rs. 1,750.46 crore in Q3FY18, a massive dip of 95.29 per cent. Net Profit was at Rs. 0.99 crore as against Rs. 236.75 crore in Q3FY18, down by 99.58 per cent. The company’s EBITDA was at Rs. 2.54 crore in Q3FY19 as against Rs. 354.28 crore in Q3FY18.

On a consolidated basis, Vakrangee’s total income stood at Rs. 118.66 crore in Q3FY19 as against Rs. 1,810.58 crore in Q3FY18 and Rs. 320.06 crore in Q2FY19.

On the brighter side, the company still has a debt-free balance sheet and its capex is funded through internal accruals. Also, the board has appointed Anil Khanna, as the Managing Director and Group CEO of the Company for a period of 5 years with immediate effect.

Reacting to the results, the stock experienced huge volatility during Friday’s trading session and also touched its lower circuit limits in the closing hour of trade. The stock closed at Rs. 43.30 per share, down by 3.13 per cent on BSE