Parag Milk tumbles after company reports loss in Q4

NEW DELHI: Parag Milk Foods shares declined 9 per cent on Monday after the company reported a net loss in the quarter ended March 31.

The company's net loss stood at Rs 9.64 crore in the fourth quarter of the financial year 2020-21. It had posted a net profit of Rs 10.11 crore for the corresponding period a year ago.

The scrip fell as much as 8.91 per cent to Rs 133.45 in morning deals before recovering some of those losses. At 11;40 am, the counter traded at Rs 136.70 apiece on BSE, down 6.69 per cent, sharply underperforming the S&P BSE Sensex index, which was down 0.47 per cent at 52,228.24.

Parag Milk Foods shares have delivered a negative return in the last one month, falling up to 7 per cent. The scirp has gained 19 per cent so far in 2021, and has soared over 41 per cent in the last one year.

Sales of the company declined 18.85 per cent to Rs 434.35 crore in the quarter ended March 2021 from Rs 535.23 crore in the year-ago period.

For the financial year 2020-21, Parag Milk's net profit came in at Rs 20.71 crore, a decline of 77.90 per cent from its profit of Rs 93.69 crore for the previous fiscal year. Sales declined 24.45 per cent to Rs 1,841.76 crore.