MMTC drops 7% after widening of losses in Q1

New Delhi: Shares of MMTC dropped as much as 7 per cent during early trade on Thursday after the company announced its earnings for the quarter ended June 30, 2022.

The state-run trading and distribution player reported a widening of consolidated net loss to Rs 121.5 crore in the June 2022 quarter, which was Rs 96.18 crore in the same quarter previous year.

Following the annual results, shares of MMTC plunged as much as 7 per cent to Rs 41.60 on Thursday, before recovering to Rs 41.95 at 10.15 am. The scrip settled at Rs 44.55 on Tuesday.

The income from operations dropped more than 69 per cent to Rs 1,511.34 crore in Q1FY23. The company had reported an operating income of Rs 4,903.74 crore in Q1FY22.

In the first half of August, the company informed the bourses that it will delay the announcement of the quarterly results due to financial and operational challenges arising from the voluntary retirement of the staff after approval from the government.

For the quarter ended on March 31, 2022, MMTC had clocked a net profit of Rs 118.38 crore with an income from operations at Rs 2,260.81 crore.

Metals and Minerals Trading Corporation of India, abbreviated as MMTC is one of the two highest earners of foreign exchange for India and India's largest public sector trading body.