FM Goetze in the red

Federal-Mogul Goetze is down in the red today morning as the market is disgruntled with the earnings for Q4FY21. The stock price fell down from Rs.346 to hit an intraday low at Rs.326.75. It is also among the top five losers on the BSE.

Despite a 59% (YoY) rise in consolidated total income at Rs.378 crore and a deferred tax write back of Rs.12 crore, the company posted a net loss of Rs.4 crore v/s profit of Rs.3 crore. The 45% jump in total expenses, led by 58% rise in raw material costs pushed the company into the red. Tax out for the quarter was also up at Rs.16 crore v/s Rs.3 crore.

Sequentially, revenue was up 5% and the net loss was v/s the net profit of Rs.35 crore. EBITDA rose 4% to Rs.63 crore and margins fell from 18.5% to 16.9%.