India's Jubilant Ingrevia Ltd on Tuesday reported an almost 24% slump in fourth-quarter profit as lower chemicals price and sustained challenges in the supplements business dented revenue.
Consolidated net profit fell to Rs 52.31 crore ($6.4 million) for the three months ended March 31 from Rs 68.59 core a year earlier, marking the fourth straight quarter of earnings drop.
Margins on the earnings before interest, taxes, depreciation and amortisation (EBITDA) shrank to 9.7% from 11.7% a year earlier, hurt by the challenges in niacinamide business and specialty products for the agrochemicals customers, the company said.
Overall revenue was down due to lower prices of acetic acid and sustained "headwinds" in the niacinamide business, Chairman Shyam S Bhartia and Co-Chairman Hari S Bhartia said in a statement.
Income from operations dropped 11.5% to Rs 1129 crore after the nutrition and health solution business, which makes supplements contracted about 25%.
Additionally, the company reported a sharp drop in revenue from the chemical intermediates business as the price of feed stock fell.
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The board also declared a final dividend of 2.50 rupees per share.
Jubilant shares were last down 5.9%, extending the losses so far this year to over 25%.
($1 = 81.7800 Indian rupees)
(Reporting by Priya Sagar in Bengaluru; Editing by Dhanya Ann Thoppil)
