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Kaveri Seed Company has slipped 12% to Rs 380, also its 52-week low on the BSE, after the company reported a consolidated net loss of Rs 47.52 crore for the quarter ended September 30, 2015 (Q2), due to fall in operational income.
The company had posted a net profit of Rs 33.52 crore in the same quarter in year—ago period. It had profit of Rs 218 crore in June 2015 quarter.
Total income declined to Rs 98.85 crore in the quarter under review as against Rs 208.39 crore in the same period of the last fiscal.
Kaveri Seed Company said revenue growth impacted by shorter sales season and higher than expected returns.
Significant loss due to returns of non-cotton crops, which have a much shorter shelf life resulting in higher percentage of write-offs, it added.
At 03:13 PM, the stock was down 10% at Rs 387 on the BSE. The trading volumes on the counter jumped more than two-fold with a combined 1.74 million shares changed hands on the BSE and NSE.
The company had posted a net profit of Rs 33.52 crore in the same quarter in year—ago period. It had profit of Rs 218 crore in June 2015 quarter.
Total income declined to Rs 98.85 crore in the quarter under review as against Rs 208.39 crore in the same period of the last fiscal.
Kaveri Seed Company said revenue growth impacted by shorter sales season and higher than expected returns.
Significant loss due to returns of non-cotton crops, which have a much shorter shelf life resulting in higher percentage of write-offs, it added.
At 03:13 PM, the stock was down 10% at Rs 387 on the BSE. The trading volumes on the counter jumped more than two-fold with a combined 1.74 million shares changed hands on the BSE and NSE.
