Shares of Praj Industries fell nearly 5% on October 28 after the company reported disappointing Q2 results. Net profit for the September quarter declined 14% year-on-year to Rs 53.83 crore, down from Rs 62.37 crore in the same period last fiscal. Revenue also dropped by around 7.5%, reaching Rs 816.19 crore compared to Rs 882.33 crore last year.
Despite an increase in order intake to Rs 921 crore from the previous quarter’s Rs 888 crore, the figure was still below last year’s Rs 1,063 crore. Trading volumes surged, with around nine lakh shares exchanging hands, higher than the recent average, adding to the stock’s downward pressure.
The chief executive officer, Shishir Joshipura, pointed out that continued growth in the bioenergy segment was manifested through international demand and R&D-backed solutions. All the same, the stock has struggled in the last month, losing more than 13% of its value.
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Source: Moneycontrol
News Desk
