India's IOL Chemicals and Pharma drops as Q2 profit fall

IOL Chemicals and Pharmaceuticals

15/11/2022 05:22

** Shares of IOL Chemicals and Pharmaceuticals Ltd  IOLC.NS 
fall as much as 8.2% to 334.90 rupees, their biggest intra-day
pct fall since May 31
    ** The company posts 49.2% Y/Y fall in Sept-qtr profit as,
while rev from ops rose a marginal 0.66%, expenses rose 3.5%
 urn:newsml:reuters.com:*:nFWN32A544
    ** Major challenge is from volatile input costs, with raw
material and energy prices impacting profitability," CEO says
    ** "However, we expect the headwinds to subside going into
the second half of this financial year," CEO adds 
    ** More than 345,000 shares traded as of 0517 GMT, 2.9 times
their 30-day moving avg of 117,466 shares
    ** Stock last down 6.8%, taking YTD losses to just under 30%
 
 ($1 = 81.3600 Indian rupees)
 (Reporting by Meenakshi Maidas in Bengaluru)
 ((meenakshi.maidas@thomsonreuters.com;))