Poor set of results for tatva chintan.
Y on Y sales down from 123 cr to 90 cr. Op profit down from 35 cr to 11 cr . And net profit down from 32 cr to 7 cr.
Consistent q on q decline in net profits since Sep 21 quarter.
Stock price still holding firm inspite of many poor quarters.
One of the reasons could be low retail holding at 6% with promoters holding 79% stake and rest held by DII/FIIs. In fact DIIs have consistently raised their stakes in past few quarters.
I remember similar excitement post listing in advanced enzymes, where market participants were excited a lot and results did not come through. Stock price corrected and has not rewarded shareholders till now. Here too FIIs stake has gone up from 11% in Dec 2019 to nearly 22 % as on Sep 22. And the big fund raising stake is Nalanda India fund. Nalanda stake was 4.74 % from Sep 2020 to Dec 21 post which they kept increasing stake each quarter and now it stands at 8.91%. Stock price consolidating above 61.8% retracement level (at 252) to the previous rally from low of 98 in March 2020 to a high of 503 in May 2021.