Prabhat Dairy slumps

Prabhat Dairy had hit a new 52-week yesterday at Rs.152 and this was in anticipation of a rocker of a performance for Q3FY17. But the numbers came in yesterday after market hours and the market reacted today. Profit booking at these higher levels and some disappointment over the numbers has pushed the stock price down into the red today.

The company posted a good 35% (YoY) jump up in total income at Rs.408 crore but net profit showed an almost 4 times jump to Rs.34 crore v/s Rs.9 crore. This major rise in the net profit was thanks only to the exceptional gain of Rs.26 crore.

The company’s EBITDA was at Rs.38 crore, up from Rs.27 crore (YoY) but margins showed a very marginal increase from 9.1% to 9.2%.