Care Ratings share price gained 9.39% in Friday trade despite the company posting weak earnings for the quarter ended March 2020.
Net profit of Care Ratings fell 58.08% to Rs 15.28 crore in the quarter ended March 2020 against Rs 36.45 crore during the previous quarter.
Following the result update, Care Ratings share price touched an intraday high of Rs 438.6, rising 9.39% on BSE as against the last closing value of Rs 400.95.
Earlier, the stock fell 2.48% with the opening bell. However, it recovered from early losses and traded in a wide range of Rs 47.6.
Care Ratings share price was trading higher than its 5, 20 and 50 day moving averages but lower than 100 and 200-day moving averages. The stock has risen 3% in one week and 17% in one month.
For the quarter under review, company's revenues from operations declined by 26.2% YoY to Rs 66.0 crore in the quarter ended March 2020 as against Rs 89.41 crore during the previous quarter, while its EBITDA fell 69.1% to Rs 15.2 crore.
For the full year FY20, revenues from operations declined 23.6% YoY to Rs 243.6 crore in the January-March quarter of the current fiscal, as against Rs 318.97 crore in a year-ago period.
Profit after tax fell 39.5% to Rs 82.37 crore for the year ended March 2020 against Rs 137.47 crore, recorded in a year-ago period.