Venkys (India) has slipped 10% at Rs 527 after reporting 76% year-on-year (yoy) drop in its standalone net profit at Rs 2.31 crore in September 2012 quarter (Q2) despite of higher sales income due to higher raw material cost.
The company engaged in packaged foods business had a net profit of Rs 9.65 crore in previous year quarter and Rs 20.13 crore in June 2012 quarter.
Net sales however grew 39% at Rs 323 crore, while raw material cost surged by 56% at Rs 244 crore on y-o-y basis, Venkys India said in a statement.
The stock opened at Rs 586 and hit a low of Rs 506 on the NSE. A combined around 420,482 shares have changed hands on the counter so far on both the exchanges.