This Mid-Cap Stock Tanks 9% on Tuesday Post Weak Operating Performance in Q3

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This Mid-Cap Stock Tanks 9% on Tuesday Post Weak Operating Performance in Q3
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the chemical manufacturing company Tatva Chintan Pharma Chem (NS: TATV ) slumped 8.47% to Rs 2,626 apiece at 12:02 pm on Tuesday, after diving 9% in early trade to touch the intraday low at Rs 2597.05 apiece on the BSE.

The company’s shares tanked a day after it released earnings results for the quarter ending December, underlining a weak quarterly operating performance.

Even though the company’s consolidated net profit and total revenue jumped up to 31% in Q3 on a YoY basis, its EBITDA declined 6% YoY to Rs 23 crore and the company’s margin reduced to 22% in Q3 FY22, compared to 32% in Q3 FY21.

The specialty chemicals manufacturer, listed in July 2021 at a 95% premium compared to its issue price of Rs 1,083, has zoomed over 150% in about 6 months.

It reported a consolidated net profit of Rs 22.8 crore, up 9.2% YoY and total revenue of Rs 104.6 crore, up 31% YoY, in Q3 FY22.

Also, in the Apr-Dec 2021 period, the company’s net profit rallied 152% to Rs 78.36 crore, and revenue surged 75% to Rs 335.11 crore, compared to the same period in 2020.

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