Bajaj Consumer Care's share price slipped 8 percent on Friday as its consolidated net profit plunged 61 percent year-on-year (YoY) to Rs 23.29 crore for the fourth quarter ended March 2020. The stock slipped as much as 8.07 percent to Rs 140 per share on the NSE. At 10:07 am, the shares traded 4.63 percent lower to Rs 145.25.
During the same period last year, the company had reported a net profit of Rs 59.82 crore. The net profit declined 15.73 percent to Rs 190.55 crore on year as compared to Rs 226.13 crore in FY19.
The company's total revenue slipped 27.75 percent YoY to Rs 178.76 crore as against Rs 247.44 crore during the same period last year. Meanwhile, for FY20, revenue from operations fell by 7.17 percent YoY to Rs 844.20 crore.
EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortisation) or operating profit stood at Rs 25.04 crore as compared to Rs 79.04 crore last year, registering a decline of 68.32 percent YoY.
In its regulatory filing, the company said, "Q4 FY20 performance was hugely impacted due to disruption in sales in the month of March led by lockdown to contain the outbreak of COVID-19."
"This has greatly impacted overall FY20 performance to a great extent," it added.
In the most recent development, the board of the company approved the appointment of Jaideep Nandi as the Managing Director of the company, replacing Sumit Malhotra. However, Malhotra will continue to be on the board of directors.
