Gopal Snacks shares hit fresh low after weak Q3 results

Recently-listed Gopal Snacks shares weakened to a fresh low on Wednesday after the ethnic snack company reported a weak set of financial results for the October-December period. The stock of the Gujarat-based company fell by as much as Rs 18.7, or 5.2 per cent, to Rs 340.9 apiece on BSE, sinking below an earlier low hit on its listing day in mid-March.

At the latest low, Gopal Snacks shares changed hands at a discount of 15 per cent to the upper end of the company’s IPO price band.

At around 10:30 am, Gopal Snacks shares traded 2.03 per cent lower at Rs 352.3 apiece on the bourse. The stock closed 1.75 per cent lower at Rs 353.3 apiece on BSE.

Gopal Snacks Q3 results  

After market hours on Tuesday, the packaged food company reported a 45 per cent year-on-year fall in net profit to Rs 18 crore for the fiscal third quarter.

Its margin contracted by 630 basis points (bps) to 9.7 per cent for the three-month period, according to a regulatory filing.

The company’s earnings before interest, tax, depreciation, and amortisaton (EBITDA) decreased to Rs 36 crore for the quarter ended December, down 38 per cent on a year-on-year basis.

Its quarterly revenue increased 1.4 per cent to Rs 368 crore.

Gopal Snacks listing

On March, Gopal Snacks made a weak debut in the secondary market, with shares entering the listed space at Rs 351 per share and Rs 350 per share on NSE and BSE respectively, a discount of around 12.5 per cent.

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