Sharp fall in Q2 profits takes Geodesic to 52-week low

Geodesic touched a new 52-week low of Rs 13.25 and was locked at 5 percent lower circuit on Monday after it reported sharp fall in its second quarter profits.

On a consolidated basis, net profit of the company fell by 73 percent quarter-on-quarter to Rs 9.8 crore in second quarter of financial year 2012-13 while net sales rose by 31 percent QoQ to Rs 222.3 crore during the quarter.

According to a press release, the company has written off a sum of Rs 25 crore towards bad and doubtful debts in the October-December quarter.

However, increase in sales was attributed to reduction in inventory and expansion across various industry segments.

"We are in talks with the bondholders and is currently working on consolidating its subsidiaries and accounts to ensure faster redemption of the foreign currency convertible bonds," the company said.

At 09:43 hours IST, there were pending sell orders of 55,430 shares, with no buyers available.
 
The stock has been fallen 29.5 percent in eight consecutive sessions since February 7, 2013.