Ion Exchange shares fall 6% post Q4 earnings; stock split record date on May 26

Ion Exchange shares fell over 6% today after water treatment & environment solutions firm announced its earnings for the quarter and fiscal ended March 2023. Ion Exchange logged a 1.67%  fall in net profit to Rs 81.68 crore in Q4 against Rs 83.07 crore in the March 2022 quarter. Ion Exchange shares slipped 6.45% to Rs 3754.6 compared to the previous close of Rs 4013.55 on BSE. Shares of Ion Exchange opened 4.07% lower at Rs 3754.60 on BSE.  Ion Exchange shares have gained 121.14% during the last one year and risen 37.48% since the beginning of this year. Total 8325 shares changed hands amounting to a turnover of Rs 3.16 crore on BSE. Market cap of the firm fell to Rs 5508 crore.

In terms of technicals, the relative strength index (RSI) of the Ion Exchange stock stands at 66.6, signaling it's trading neither in the overbought zone nor in the oversold zone. Ion Exchange stock shares have a beta of 1.1, indicating high volatility in a year. Ion Exchange stock is trading higher than the 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages.

The firm reported a 30.45% rise in revenue to Rs 647.48 crore in the March 2023 quarter against Rs 496.36 crore in the March 2022 quarter. EBITDA rose 12% to Rs 106.37 crore in Q4 against Rs 95 crore in the March quarter of 2022.    

On an annual basis, net profit zoomed 21% to Rs 196.74 crore for the fiscal ended March 2023 against Rs 162.78 crore for the fiscal ended March 2022. Revenue climbed 26.17% to Rs 1989.61 crore in the March 2023 fiscal against Rs 1576.87 crore for the fiscal ended March 2022.

Meanwhile, the board on May 26 fixed the record date as Monday, June 12, 2023 for the purpose of sub-division/split of the face value of the equity shares of the company from existing Rs.10 (Rupees Ten only) per Equity share to Re.1 (Rupee One Only) per equity share.

On April 20 this year, the board of water treatment & environment solutions firm cleared stock split in the ratio of 1:10

Ion Exchange (India) is engaged into waste water treatment & environment solutions and caters to various industries, institutions, homes & communities. Headquartered in Mumbai, the company has seven manufacturing & assembly facilities across India, and one each in Bangladesh, UAE, Bahrain and Indonesia. It also has presence across other key geographies.

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