Chemicals maker Navin Fluorine International plunged as much as 10 percent on Wednesday after the company posted a seven percent decline in consolidated net profit to Rs 63.22 crore in Q2 FY22 as compared to a profit of Rs 68 crore posted in the year-ago quarter (Q2FY21).
Navin Fluorine was also one of the major stocks that led to the Nifty midcap index slumping over 2.5 percent today. The index fell as much as 800 points led by losses in IRCTC, Navin Fluorine, Deepak Nitrite, and Dixon shares.
Revenue from operations grew six percent YoY to Rs 339 crore as compared to Rs 319 crore posted last year. Sequentially, the profit grew 12.5 percent from Rs 56 crore posted in the quarter ended June 30, 2021 (Q1FY22).
EBITDA stood at Rs 84 crore, down eight percent from Rs 91 crore the previous year. In the preceding quarter, it had an EBITDA of Rs 78 crore. In Q2FY22, Navin Fluorine's margin was 25 percent, compared to 28 percent in Q2FY21 and 24 percent in Q1FY22.
In addition, for the fiscal year ending March 31, 2022, the firm has announced an interim dividend of Rs five per equity share with a nominal value of Rs two/- each.
The company has also appointed Basant Kumar Bansal as CFO and key managerial personnel, effective November 1, 2021. With effect from October 19, 2021, Apurva Purohit has been appointed as an additional and independent director.
At 10:15 am, Navin Fluorine was trading 5.68 percent lower, or 219.25 points down, at Rs 3,639.75 apiece on the BSE.
First Published: IST