New Delhi: Shares of Kwality Ltd Friday slumped by over 4 per cent after the company reported a steep fall in its net profit for the June quarter.
Shares of Kwality fell by 4.43 per cent and settled at Rs 20.5 on the BSE.
During the intra-day trade, it touched a high of Rs 22.20 and low of Rs 20.40. On the NSE, shares of Kwality shed 4.45 per cent and closed at Rs 20.40.
Its net profit saw a steep fall to Rs 1.04 crore during the first quarter of 2018-19 fiscal on poor sales, the company said in a regulatory filing.
Net profit during April-June 2017-18 stood at Rs 27.87 crore and the net income declined to Rs 1,265.78 crore from Rs 1,573.18 crore in the year-ago period, Kwality said.
"This started when the company could not service its customers with the required goods due to liquidity crunch, a situation that emerged primarily towards the end of the quarter triggered due to non-disbursement of sanctioned working capital from banking partners," it said.
It is currently facing an issue of receivables management, the company further said.