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Parag Milk Foods stock hits all-time low on weak Q1, plunges 37% in a month

Weighed down by weak Q1 earnings, shares of Parag Milk Foods declined as much 5.37 per cent to touch a record low of Rs 160.20 apiece on the BSE. During the day's trade, the scrip of the dairy foods and beverages manufacturer hit lowest level since its listing on May 19, 2016

twitter-logo BusinessToday.In   New Delhi     Last Updated: August 20, 2019  | 19:08 IST
Parag Milk Foods stock hits all-time low on weak Q1, plunges 37% in a month

Shares of Parag Milk Foods (PMF) tumbled over 5 per cent in intra-day trade, hitting an all-time low of Rs 160.20, on the Bombay Stock Exchange (BSE) on Tuesday amid sustained selling by investors after it reported disappointing earnings during June quarter. In the last one month, Parag Milk Foods share price has fallen as much as 37 per cent.

 

Weighed down by weak Q1 earnings, shares of Parag Milk Foods declined as much 5.37 per cent to touch a record low of Rs 160.20 apiece on the BSE. During the day's trade, the scrip of the dairy foods and beverages manufacturer hit lowest level since its listing on May 19, 2016. Paring some of early losses, the stock closed trade at Rs 161, down 4.90 per cent.

In a similar fashion, stocks of Parag Milk Foods ended 5.01 per cent at Rs 161.10 on the National Stock Exchange. Earlier today, the scrip opened flat at Rs 169.60 and slipped into negative terrain to hit an all-time low of Rs 160.60.

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The company, which sells cheese under its brand Go and cow ghee under its brand Govardhan, had reported 2.7 per cent year-on-year (YoY) drop in its consolidated net profit at Rs 27.5 crore for the first quarter ended June 30, 2019. Total income increased to Rs 632.52 crore during April-June quarter of the current fiscal from Rs 551.2 crore in the year-ago period.

On the operational front, Ebitda (earnings before interest, taxes, depreciation, and amortisation) dipped 4.6 per cent to Rs 56.9 crore from Rs 59.6 crore in the year-ago quarter due to increase in milk procurement prices. Ebitda margin contracted 190 basis points (bps) from 10.9 per cent to 9 per cent in Q1FY20.

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Meanwhile, the Indian benchmark BSE Sensex closed 74.48 points, or 0.2 per cent, lower at 37,328.01, and the NSE Nifty ended at 11,017, down by 36.9 points or by 0.33 per cent.

Edited by Chitranjan Kumar

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