Shares of Flair Writing Industries slipped over 2 per cent in early trade on Thursday, December 21, to touch the 52-week low of Rs 352.9 apiece on BSE. Dalal Street investors expressed disappointment over the second quarter (Q2FY24) results, which were released by the newly listed company on Wednesday. 

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

At around 10:38 a.m., shares of Flair Writing Industries were down 1.82 per cent, or Rs 6.55, at Rs 354.1 apiece. The market capitalisation of the company stood at Rs 3,732.58 crore around the same time. 

On December 20, after market hours, Flair Writing Industries released its Q2 results, which showed the company's profit after tax (PAT) stood at Rs 33.156 crore against Rs 32.138 crore a year ago, which translates to an increase of 3.2 per cent. The revenue of the company stood at Rs 257 crore against Rs 246.69 crore year-on-year (YoY), up by 4.2 per cent. 

The earnings before interest, tax, depreciation, and amortisation (EBITDA) stood at Rs 54 crore against Rs 52.6 crore a year ago, up 2.2 per cent. On the other hand, margin, a key to measuring profitability, fell 190 basis points (bps) YoY to 20.9 per cent from 21.3 per cent. 

Flair Writing Industries shares recently got listed on the bourses at a 66 per cent premium to the IPO price of Rs Rs 304 per share. On NSE, the shares listed at Rs 501 apiece, and on BSE, at Rs 503 apiece. 

Since its debut, the stock has lost over 28 per cent as compared to its listing price, and when compared to the issue, the scrip has gained 16.5 per cent. 

The issue of Flair Writing was overall subscribed 49.28 times. The quota for qualified institutional bidders (QIBs) was subscribed 122.02 times, while the portion for non-institutional investors (NIIs) fetched 35.23 times bidding. The allocation reserved for retail investors was booked 13.73 times.

Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.