India Gate basmati rice stock KRBL tanks 10% post Q4 earnings

Shares of India Gate basmati rice producer KRBL Ltd slipped 10% on Wednesday after the firm reported its Q4 earnings. KRBL stock fell 10.12% to Rs 362.9 against the previous close of Rs 403.75 on BSE. The stock opened 2.2% lower at Rs 394.85 today. Total 1.47 lakh shares of the rice producer changed hands amounting to turnover of Rs 5.40 crore. Market cap of the firm fell to Rs 8,638 crore.

The mid cap stock has risen 67.24% in one year and lost 6.08% since the beginning of this year.

In terms of technicals, the relative strength index (RSI) of the stock stands at 56.8, signaling it's trading neither in the overbought zone nor in the oversold zone. KRBL stock has a one-year beta of 0.7, indicating low volatility during the period. KRBL shares are trading lower than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Net profit rose 8% to Rs 117.98 crore in Q4 against Rs 109.06 crore in the March quarter of the previous fiscal. The firm reported a 29.60% rise in revenue to Rs 1279.73 crore in the March 2023 quarter against Rs 987.40 crore in the March 2022 quarter. Profit before tax climbed 8.60% to Rs 159.91 crore in Q4 against Rs 147.24 crore in the March quarter of 2022.

On an annual basis, net profit zoomed 52.58% to Rs 700.98 crore for the fiscal ended March 2023 against Rs 459.40 crore for the fiscal ended March 2022. Revenue climbed 27.37% to Rs 5363.23 crore in the March 2023 fiscal against Rs 4210.56 crore for the fiscal ended March 2022.

KRBL is a food processing company. The company produces, packs and exports a variety of rice brands.

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