Shares of Axita Cotton hit a lower circuit during the afternoon deals on Friday, after the company announced that the Board is going to consider share buyback proposal next week. The stock opened today's trading session at an upside gap of ₹27.01 apiece and went on to hit a lower circuit limit of ₹24.70.
“This is to inform you that the meeting of Board of Directors of the Company is scheduled to be held on Tuesday, May 23, 2023, inter-alia to consider In terms of Regulation 29(1)(b) of the Listing Regulations, Proposal for buyback of fully paid-up equity shares of the Company, in accordance with the applicable provisions under the Companies Act, 2013 (including the rules and regulations framed thereunder), the Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018, as amended, and other applicable laws,” said Axita Cotton in a stock exchange filing.
According to the firm, its total income for Q4FY23 was Rs.128.66 Cr as compared to Rs.291.58 Cr in Q4FY23, logging a fall of 55.88% YoY. The firm recorded a net profit of ₹5.59 Cr in Q4FY23, down from ₹6.31 Cr in Q4FY22 or 11.43% YoY. Axita Cotton's EPS decreased by 12.50% to ₹0.28 during the period under review quarter from ₹0.32 during the same quarter last year.
The company reported a total income of Rs. 557.61 crores for the fiscal year that ended on March 31, 2023, a decline of 32.85% year over year from Rs. 830.46 crores for the fiscal year that ended on March 31, 2022. The company's net profit for FY23 was ₹17.03 Cr, up from ₹15.41 Cr in FY22 or by 10.53% YoY, while its EPS jumped from ₹0.78 to ₹0.87 by 11.54% on a YoY basis.
While writing this copy, Axita Cotton was locked in a lower circuit limit of ₹24.70 apiece on the BSE down by 5% from the previous close of ₹26.00.
