Advanced Enzyme slips 10% on weak December quarter results

The stock slipped 11% to Rs 1,601 on the BSE

Advanced Enzyme Technologies tanked 11% to Rs 1,601 on the BSE after the company reported 27.8% year on year (YoY) decline in its consolidated net profit at Rs 14.38 crore for the quarter ended December 2016 (Q3FY17), due to lower operational income.

The company engaged in manufacturing and sales of enzymes business had profit of Rs 19.91 crore in the year ago quarter.

Net sales of the company during quarter under review was down 18.9% YoY at Rs 60 crore against Rs 74.4 crore in the corresponding quarter of previous fiscal.

Meanwhile, the board has approved the sub-division of face value of share capital of the company from existing Rs 10 per share to Rs 2 per share.

At 02:35 pm; the stock was down 8% at Rs 1,658 on the BSE as compared to 0.06% decline in the S&P BSE Sensex. The trading volumes on the counter jumped multiple folds with a combined 753,363 shares changed hands on the BSE and NSE so far.