Shares of this ethanol stock under the ‘small-cap’ category slipped around 8 percent in Tuesday’s sessions after the markets were disappointed with the sharp underperforming results published by the company.
With a market capitalization of Rs 1,078.13 crores, the stocks of Dhampur Bio Organics Limited, an integrated sugarcane processing company, opened their trading session on Tuesday at Rs 166.85 and currently trades at Rs 162.40, exhibiting a deep fall of 8 percent as compared to the previous closing levels of Rs 176.40 apiece.
Such a sharp fall in the stock prices of the company was observed after a BSE filing was published announcing the financial results for the quarter ended September 2023, i.e., Q2FY23-24.
YoY, the company’s prime business indicators such as the operating revenues as well as net profits have moved in opposing directions with the former, on one hand, moving up from Rs 541.63 crores during Q2FY22-23 to Rs 665.57 crores during Q2FY23-24, and, the latter, on the other hand, declining from Rs 7.71 crores directly down to 6 lakhs keeping the timeframe the same.
In addition, the company, on a sequential basis, underperformed with the operating revenues going down from Rs 709.45 crores during Q1FY23-24 to Rs 665.57 crores during Q2FY23-24, and, the net profits witnessing a very deep fall from Rs 12.66 crores directly down to 6 lakhs representing a dip of 99.5 percent.
The company’s latest shareholding data for the June 2023 quarter portray the Promoters hold a 50.44 percent stake, and the Foreign Institutional Investors (FIIs) hold a 4.81 percent stake in the company.
Incorporated in 2020, Dhampur Bio Organics Limited is engaged in the business of manufacturing as well as selling refined and raw sugar, biomass-based renewable power, biofuels, and other related products in India.
Written by Amit Madnani
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