Stove Kraft tanks 16% on weak December quarter earnings

In Q3FY22, Ebitda margin contracted 770 bps at 7.2 per cent as it witnessed cost pressures from raw material price increase during the quarter.

Shares of Stove Kraft tanked 16 per cent to Rs 715 on the BSE in Wednesday’s intra-day trade after the company reported a sharp 67 per cent year-on-year (YoY) decline in its profit after tax (PAT) of Rs 11.1 crore in December quarter (Q3FY22), due to higher operational cost. The home & kitchen appliances maker had posted PAT of Rs 33.50 crore in year ago quarter (Q3FY21).

At 11:30 am, Stove Kraft traded 14 per cent lower at Rs 726, as compared to 0.70 per cent rise in the S&P BSE Sensex. The stock has corrected 37 per cent