So the good thing is that for Q2FY23, IndiGo Paints posted strong results ! Net profit climbing by 174 percent on-year to Rs 37.1 crore. Revenue during the quarter came in at Rs 242.6 crore, which was 23.7 percent higher as compared to the year-ago period. Even after adjusting for the excess tax provision of o16.3Cr from last year, current PAT has expanded by 53.22% while PAT margin increased to 8. 45% compared to last quarter. It also had good sales momentum at a time when its peers are slowing down. Which is why it shot up over 15% in the aftermath of the results.
However, the bad part (atleast from a stock price perspective) is that venture capital firm Sequoia said that they will sell off 3.3 percent equity stake worth Rs 235 crore, with a floor price set at Rs 1,315 per share. As of September 30, 2022, Sequoia Capital held a total of 13.73 percent stake in IndiGo Paints, as per the shareholding pattern shared with the BSE. Which is why, the stock price has taken a beating since 2 days.
Attaching results analysis
| Subscribe To Our Free Newsletter |
