Plastiblends India tumbles on slide in June quarter earnings

Plastiblends India

12/07/2023 06:18

** Shares of Plastiblends India  PLST.NS  fall as much as
8.72% to 181.55 rupees, most intraday pct loss in nine months
    ** Colour, additives and thermoplastic compounds maker
reports 23% year-on-year slide in net profit in June quarter
    ** Revenue falls 5% Y/Y, while core profit is down 18% to
131.24 mln rupees
    ** Core profit margin contracts to 6.66% from 7.71% in the
corresponding quarter a year earlier
    ** Raw material prices remained volatile and created
uncertainty in the market, company says 
    ** Slide in raw material prices resulted in lesser average
sales realisation, adds co
    ** PLST also flags high energy costs which weighed on
profitability
    ** Trading volume is 79,276 shares as of 10:39 a.m. IST,
nearly quadruple the 30-day avg - Refinitiv data

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))