India's Heranba Industries hits record low after Q3 earnings fall

Heranba Industries

30/01/2023 09:14

** Shares of Heranba Industries  HERN.NS  tumble 20% to a
record low of 372.95 rupees
    ** Agrochemicals maker reported an 86% slump in Q3 net
profit on Saturday
    ** Co's revenue from operations, core profit fell, while
core profit margins contracted to 8.63% from 12.84% a year ago
    ** Challenging global macros including geopolitical
concerns, rising inflation and demand slowdown weighed on the
earnings - co's managing director Raghuram Shetty
    ** Higher raw material costs and rise in power and fuel
costs dragged core profit margins - co
    ** Trading volume at 493,367 shares as of 2:17 p.m. IST,
over 13 times the 30-day avg of 37,755 shares
 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; Mobile:
+919769003463))