The company's consolidated net profit dropped to Rs 13.47 crore in March quarter against a net profit of Rs 139.63 crore in the same period last year.
MOIL share price shed over 3 percent intraday on June 19 after the company reported a fall of more than 90 percent in its consolidated net profit at Rs 13.47 crore for the quarter ended March 31, 2020.
The stock has, however, surged almost 50 percent in the last three months and was quoting at Rs 153.25, down Rs 5.30, or 3.34 percent at 1040 hours. It has touched an intraday high of Rs 154.95 and an intraday low of Rs 147.30.
The company reported a sharp fall of over 90 percent in its consolidated net profit at Rs 13.47 crore mainly on account of reduced income. The company had posted a net profit of Rs 139.63 crore during the same quarter a year ago, MOIL said in a BSE filing. Total income during the quarter fell to Rs 282.96 crore from Rs 487.47 crore in the year-ago period.
Total expenses stood at Rs 261.34 crore as compared with Rs 293.48 crore in the year-ago quarter.
According to Moneycontrol SWOT Analysis powered by Trendlyne, MOIL has reported a drop in quarterly revenue and profit in recent results, with promoters decreasing their shareholding.
However, Moneycontrol is bullish on the stock as technical indicators and moving averages favour the scrip.
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