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( As on 18/01/2020 21:30)

Gallantt Ispat Q3 net profit down 91.73% at Rs 2.63 cr

The company reported standalone net profit of Rs 2.63 crore for the quarter ended December 31, 2019 as compared to Rs 31.81 crore in the same period last year, registering a year-on-year decline of 91.73 per cent.

Net revenue of the company declined substantially by 28.63 per cent at Rs 244.82 crore in October-December quarter of this fiscal as against Rs 343.01 crore in the corresponding period last year.

During October-December quarter, operating expenses dropped by 21.36 per cent to Rs 232.60 crore from Rs 295.79 crore in year ago period.

Other Income dipped by 9.23 per cent at Rs 1.18 crore versus (Dec'18 Rs 1.30 crore).

Operating Profit slipped by 74.12 per cent to Rs 12.22 crore as against Rs 47.22 crore in the year ago period, while Operating Profit Margin (OPM) contracted year-on-year to 63.76 per cent in December quarter.

Interest grew by 70.31 per cent y-o-y to Rs 3.27 crore, while Taxation decreased by 86.66 per cent at Rs 1.11 crore (Dec'18 Rs 8.32 crore).