Shares of Gujarat Ambuja Exports crashed 11.6 per cent to Rs 253.7 apiece on the BSE in Monday’s intra-day trade after the company’s March quarter standalone net profit more-than-halved, dropping 54.6 per cent, to Rs 69.56 crore on a year-on-year (YoY) basis.
The company’s Q4 profit dropped from Rs 153.3 crore, reported last year in the corresponding quarter, on the back of higher expenses. Total expenses rose 26.5 per cent YoY to Rs 1,339.2 crore in Q4FY23 due to higher finance costs, purchase costs, and other expenses.
That said, revenue from operation increased 13/77 per cent on year to Rs 1,428.5 crore. Other income, however, fell marginally from Rs 197. crore to Rs 13.8 crore YoY.
Segment-wise, the company witnssed a massive drop in revenues in the Spinning Division (Rs 13 crore vs Rs 62 crore YoY), while all other segments reported year-on-year improvement.
Gujarat Ambuja Exports Limited (GAEL) is involved in the manufacturing of Corn Starch Derivatives, Soya Derivatives, Feed Ingredients, Cotton Yarn, and Edible Oils. Since its incorporation in 1991, GAEL has strived to serve the Food, Pharmaceutical, Feed and many other industries with a long term growth strategy in the Agro-Processing sector.
Ovber the past three months, GAEL shares have rallied roughyl 23 per cent as against 0.6 per cent gain in the benchmark S&P BSE Sensex.
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