KRBL ignores market slowdown as it rallies over 15.3% with the news of tax relief
The company’s tax demand has been reduced to Rs 0.96 crore from Rs 98.83 crore.
KRBL Ltd, primarily engaged in the business of basmati rice exports, has been trending on Dalal Street as the company announced relief on income tax demand. In a bearish market, the stock rallied by 15.31% from its previous close of Rs 203.20. The scrip opened at Rs 207 and created a day’s high of Rs 243.80. It was also a leading gainer in the A group of BSE.
According to its press release, the Income Tax Appellate Tribunal has granted relief for Income tax demand of Rs. 97.88 crore, for the appeals filed by the company and dismissed all the appeals for Income tax demand of Rs. 1170.36 crore, filed by the ITD with respect to assessment years 2010-11 to 2016-17. As a result and once the effect of order of the Hon'ble Tribunal is given by the ITD, the tax demand would be reduced to approx. Rs. 0.96 crore.
Talking about its recent quarterly results, in Q3FY22, revenue grew by 2.93% YoY to Rs 1153.56 crore from Rs 1120.69 crore in Q3FY21. On a sequential basis, the top-line was up by 9.48%. PBIDT (Ex OI) was reported at Rs 108.26 crore, down by 48.26% as compared to the year-ago period and the corresponding margin was reported at 9.38%, contracting by 929 basis points YoY. PAT was reported at Rs 73.36 crore, down by 49.51% from Rs 145.29 crore in the same quarter for the previous fiscal year. The PAT margin stood at 6.36% in Q3FY22 contracting from 12.96% in Q3FY21.
KRBL Limited is a rice miller and Basmati Rice exporter. The company operates in two segments: agri and energy. The company’s agri segment is engaged in agri commodities, such as rice, cotton, seed, bran and bran oil. Its energy segment is engaged in power generation from wind turbines and husk-based power plants. The stock has a 52-week high of Rs 337.45 and a 52-week low of Rs 184.85.
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