Shares of this small-cap stock associated with household appliances plunged 8.30 percent after the company announced its financial results for the quarter ended September 2023.
With a market capitalization of Rs 9,386.23 crores, the stocks of Amber Enterprises India Limited closed at Rs 2,785.75 on Monday, slipping a huge 8.30 percent compared to the previous close of Rs 3,038.30 apiece.
Such sharp movements in the stock prices were observed after the company, through a regulatory filing with the exchange, announced financial results for the quarter ended September 2023.
On a QoQ basis, the company reported a drop in its prime business indicators such as operating revenues as well as bottom-line numbers with the former falling from Rs 1,702 crores during Q1FY23-24 to Rs 927 crores during Q2FY23-24, and, the latter taking a downshift from a profit of Rs 47 crores to a loss of Rs 5.70 crores.
Yearly, the company increased its operating revenues from Rs 750 crores during Q2FY22-23 to Rs 927 crores during Q2FY23-24. The bottom-line numbers got worse by enhancing the losses from Rs 2.30 crores to Rs 5.70 crores representing a widening of loss by 148 percent.
The latest shareholding data, as per the quarter ending September 2023, portrays the company’s Promoters holding a 40.31 percent stake, and the Foreign Institutional Investors (FIIs) holding a considerable stake of 29.69 percent in the company.
Amber Enterprises India Limited is engaged in the business of manufacturing consumer durable products and their components. The company’s product portfolio includes air conditioners, washing machines, plastic extrusion sheets, refrigerators, and many more. Geographically, the company derives a majority of its revenue from domestic operations within India.
Written by Amit Madnani
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