Strides Shasun shares tanked 23.03 per cent to close at Rs 387.10 per scrip on the BSE as the company has reported a consolidated net loss of Rs 4.40 crore from continuing operations against a net profit of Rs 91.59 crore in the same period a year ago.
According to a BSE filing, consolidated revenue from continuing operations stood at Rs 664.15 crore against Rs 677.13 crore in the same period a year ago.
For the fiscal year ended March this year, the company posted a consolidated net profit of Rs 70.22 crore against Rs 279.71 crore in the year-ago period. Consolidated revenue from continuing operations for the fiscal year ended March 2018 stood at Rs 2,839.38 crore (Rs 2,755.44 crore).
“The financial year 2017-18 was a difficult year for Strides. While we continue to build momentum with our strategy, our execution was far from satisfactory,” Strides Shasun Group CEO and Managing Director Arun Kumar said.
In 2018-19, the company’s clear focus will be on the improving the quality of growth which will deliver a strong bounceback in the second half of financial year 2018-19, he added.