Jubilant FoodWorks shares plunged over 7 per cent intraday on Monday after the food service major on Friday reported a 6.56 per cent decline in its standalone net profit at Rs 29.46 crore for the quarter ended March 31 on the account of higher expenses. The company had posted a net profit of Rs 31.53 crore in the corresponding period of the previous fiscal.
At 12.40 pm, shares of the company were trading 7.18 per cent down at Rs 1,032.40. The scrip opened at Rs 1102.20 and has touched a high and low of Rs 1102.20 and Rs 1027, respectively, in trade so far. Sensex up up 27 points, or 0.10 per cent, at 26,680.77.
Net sales of Jubilant FoodWorks jumped to Rs 617.83 crore for the quarter under review, up 13.99 per cent, from Rs 542 crore in the same period a year ago.
During the quarter, overall expenses increased by 15.41 per cent to Rs 575.78 crore as compared to Rs 498.87 crore in the corresponding year-ago period.
Net profit of the company for the fiscal ended March 31, 2016 stood at Rs 114.56 crore against Rs 123.27 crore in 2014-15.
(With agency inputs)