India's Praj Industries drops to near 8-month low on Q3 profit slump

Praj Industries

31/01/2025 06:00

** Shares of Praj Industries  PRAJ.NS  slide 5.3% to 602.1
rupees, their lowest levels in near eight months 
    ** The biotechnology firm's Dec-qtr consol consol net profit
slumps ~42% y/y to 411 mln rupees ($4.7 mln) as expenses grew
8.3%; rev rose ~3% 
    ** Co said delays in readying its Mangalore facility
impacted business activity in FY25
    ** Analysts' avg rating on stock is "buy", median PT is 870
rupees - LSEG data 
    ** Stock has lost ~27% so far in Jan, while Nifty 500 index
 .NIFTY500  down ~4%  


   ($1 = 86.6400 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))