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Shares of Butterfly Gandhimathi Appliances Ltd. tumbled as much as 7 percent on Monday after the company announced weak earnings for the quarter that ended in September 2022.

The company's net profit declined 1.3 percent year-on-year to Rs 25.13 crore during the September quarter. Sales also declined in the mid-single digits during the quarter.

On the operational front, EBITDA declined 10 percent while margins witnessed a contraction of 60 basis points compared to last year.

Basic earnings per share from continuing operations also fell to Rs 14.05 compared to Rs 14.24 a year ago.

Following the results, Butterfly Gandhimathi Appliances shares dropped as much as 6.8 percent to hit a low of Rs 1,690 apiece on the National Stock Exchange.

However, shares have gained nearly 75 percent over the last 12 months.

Butterfly Gandhimathi launched an offer for sale (OFS) for its investors last month that was executed on September 20-21 with a floor price of Rs 1,370 per share. Through the OFS, Butterfly Gandhimathi’s promoter, Crompton Greaves Consumer Electricals, sold nearly 6 percent of its stake in the company.

Butterfly Gandhimathi Appliances is a manufacturer and seller of domestic kitchen and electrical appliances under the ‘BUTTERFLY’ brand.

(Edited by : Rukmani Krishna)