Thirumalai Chemicals posted a 76% (YoY) drop in net profit at Rs.10 crore for Q3FY19 on a hibe 81% drop in total income at Rs.18 crore, down from Rs.99 crore.
EPS of the period slipped from Rs.4.22 to Re.1.
There was a sharp drop in prices in Q3 due to fall in crude oil prices. Thus customers who had gone long paniced and preferred to sit and did not buy. This is what led to the fall in profits for the company in Q3. Since then, the company has said in a TV interview that since then, in Q4 volumes have started showing signs of recovery and currently is stable though at lower margin levels. The company expects some more time for it to fully recover.
The market is disappointed and the stock price hit a new 52-week high today at Rs.81.15, down 20% an continues to remain around the same levels.