Bannari Amman Spinning’s shares dip amidst Q1 results

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Bannari Amman Spinning Mills’ shares were down by 3 per cent after the company reported a 38 percent increase in profit after tax for the quarter ended June 30, 2023, at Rs 6.12 crore compared to Rs 4.41 crore during the corresponding quarter last year.

The company’s revenues were down by 29 per cent to Rs 205.73 crore compared to Rs 292.24 crore last year.

Sequentially, the company’s profits were lower by 35 per cent compared to Rs 9.52 crore in the previous quarter.

The shares were down by 3.30 per cent to Rs 45.70 at close on BSE.