Rajesh Exports shares hit 52-week low after Q2 profit tumbles 88%

Shares of Rajesh Exports Ltd crashed 17% in early deals post a weak set of Q2 earnings. Rajesh Exports stock slipped 17.44% to a 52 week low of Rs 362.25 in early deals against the previous close of Rs 438.80. The stock fell the most on BSE. Market capitalisation of the firm fell to Rs 12,197 crore. Total 3.51 lakh shares changed hands amounting to a high turnover of Rs 14.32 crore on BSE.

Net profit crashed 88% in the September 2023 quarter fell to Rs 45.31 crore against Rs 372.96 crore in the September 2022 quarter. Profit before tax slipped to Rs 52.97 crore in Q2 against Rs 394.8 crore in the September 2022 quarter. Total income slipped 52.56% to Rs 38,079.4 crore in the September 2023 quarter against total income of Rs 80,271 crore in Q2 of the previous fiscal.

However, total expenses slipped 52.39% to Rs 38,026.4 crore in the September 2023 quarter against Rs 79,876.3 crore in the corresponding quarter of the last year. Earnings per share fell to Rs 1.53 in Q2 against Rs 12.63 in the corresponding quarter of the previous fiscal.

The order book position of the company stood at Rs 46,231.5 crore as on 30.09.2023 , said Rajesh Exports.

Rajesh Exports shares have a one-year beta of 0.1, indicating very low volatility during the period.

The stock hit a 52 week high of Rs 1028.40 on February 6, 2023.

In terms of technicals, the relative strength index (RSI) of Rajesh Exports stands at 43.1, signaling it's trading neither in the overbought nor in the oversold zone. Rajesh Exports shares are trading lower than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

The jewellery firm exports its products to various countries around the world and also sells its products in wholesale and retail in India. The Company has retail showrooms under the brand name of SHUBH Jewellers. The company has various manufacturing facilities in India and in other countries, including Bangalore, Cochin and Dubai. It has a combined capacity to manufacture approximately 400 tonnes of gold jewellery and gold products per annum. It produces handmade jewellery, casting jewellery, machine chains, stanped jewellery, studded jewelry, tube jewellery and electro-formed jewellery.

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