Mill liners and wear parts producer Tega Industries Ltd reported a sharp decline in earnings for the third quarter, as both revenue and operating performance weakened on a year-on-year basis.
The company’s net profit slumped 63.3% to ₹19.7 crore for the quarter ended December 31, compared with ₹54.2 crore in the corresponding period last year.
Revenue slipped 1.3% to ₹403.7 crore from ₹409.2 crore a year ago, reflecting muted top-line performance during the period.
Operating profit also came under pressure. Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) declined 48.7% to ₹46.6 crore from ₹91 crore in the year-ago quarter.
EBITDA margin contracted 1070 basis points, narrowing sharply to 11.5% from 22.2% a year ago.
Shares of the company settled at ₹1,759 apiece, 2.01% down for the day.
Also Read: TCS market cap slips below ₹10 lakh crore since December 2020; Vodafone Idea falls 3%
(Edited by : Ajay Vaishnav)
