India's Amrutanjan slumps as COVID-led demand wanes

Amrutanjan Health Care

16/08/2022 08:35

** Shares of India's Amrutanjan Health Care  AJAN.NS  fall as much as 9.94% to
760 rupees, their biggest pct fall since Mar. 18, 2021 
   ** Company, which makes aromatic pain relief balms, on Friday, posted 69.6%
slump in June quarter profit to 36.6 mln rupees ($461,183.70)
    ** Revenue from ops fell to 8.6% to 709.5 mln rupees 
    ** AJAN said saw slowdown in consumer consumption, relatively high stock
build up in channels, increase in material costs as well as delays in supply
chain from beverage plant upgrade
    ** Says saw decline in "head-ache" category 
    ** Health-care products buoyed over the last couple of years on the back of
COVID-19 pandemic but demand petering out as number of infections comes off
peaks
       ** Nearly 162,687 shares change hands, 9.4x 30-day moving average of
17,312 
    


($1 = 79.3610 Indian rupees)

 (Reporting by Navamya Ganesh Acharya)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))