Stove Kraft shares plunge after Pigeon kitchen appliances maker's Q4 results; here's what's worrying investors
Stove Kraft share price: Stove Kraft shares suffered steep losses on Tuesday, a day after the cooking appliances maker reported a weak set of financial results for the quarter ended March 2023.
Stove Kraft share price: Stove Kraft shares suffered steep losses on Tuesday, a day after the cooking appliances maker reported a weak set of financial results for the quarter ended March 2023. The Stove Kraft stock — traded on bourses under the symbol STOVEKRAFT — finished with a loss of 12.3 per cent at Rs 437.6 apiece on BSE, after falling as much as 12.9 per cent to Rs 434.8 apiece during the session.
Stove Kraft Q4 results
After market hours on Monday, Stove Kraft — which manufactures products under brands Skava, Pigeon and Gilma — reported a net loss of Rs 6 crore for the last quarter of the financial year 2022-23, as against a net profit of Rs 8.6 crore for the corresponding period a year ago.
The company's revenue dropped 6.4 per cent on a year-on-year basis to Rs 278 crore, according to a regulatory filing.
Bengaluru-based Stove Kraft reported Rs 5.8 crore in earnings before interest, taxes, depreciation and ammortisation (EBITDA), as against Rs 15.5 crore for the year-ago period.
Its margin more than halved to 2.1 per cent for the quarter ended March 2023 from 5.93 per cent a year ago, according to the filing.
As many as 94,000 Stove Kraft shares changed hands on BSE during the course of the day, as against a daily average of 40,000 in the past two weeks, according to provisional exchange data.
Stove Kraft shares: Past performance
Stove Kraft shares lost 25.9 per cent of their value in the March quarter, a period in which the Nifty benchmark declined 4.1 per cent.
Stove Kraft debuted in the secondary market in February 2021, after the company's IPO concluded with a subscription of 18 times the shares on offer.
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