 "TVS Srichakra to invest Rs 150 cr")
TVS Srichakra fell 8% to Rs 3,151 on the BSE in early morning trade after the company reported 1.6% year on year (YoY) decline in its standalone net profit at Rs 48.18 crore for the quarter ended September 30, 2016 (Q2FY17), mainly on account of higher employee and raw material cost. The tyre company had profit of Rs 48.97 crore in the same period last year.
The revenue for the quarter increased 6.3% YoY to Rs 519 crore against Rs 488 crore in the corresponding quarter of previous fiscal.
EBITDA (earnings before interest, tax, depreciation and amortization) margins contracted 154 basis points to 15.30% in Q2FY16 from 16.84% in Q2FY16.
The employee cost increased by 26% YoY and raw material cost by 8% over the previous year quarter.
The stock had strong run-up in past six months and rallied 43% as compared to 1% rise in the S&P BSE Sensex till Wednesday.
At 09:56 am; the stock was down 4% at Rs 3,274 on the BSE against 0.35% rise in the benchmark index. A combined 14,667 shares changed hands on the counter on the BSE and NSE.
The revenue for the quarter increased 6.3% YoY to Rs 519 crore against Rs 488 crore in the corresponding quarter of previous fiscal.
EBITDA (earnings before interest, tax, depreciation and amortization) margins contracted 154 basis points to 15.30% in Q2FY16 from 16.84% in Q2FY16.
The employee cost increased by 26% YoY and raw material cost by 8% over the previous year quarter.
The stock had strong run-up in past six months and rallied 43% as compared to 1% rise in the S&P BSE Sensex till Wednesday.
At 09:56 am; the stock was down 4% at Rs 3,274 on the BSE against 0.35% rise in the benchmark index. A combined 14,667 shares changed hands on the counter on the BSE and NSE.
