Reported Earnings • May 29
Full year 2026 earnings released: EPS: ₹14.79 (vs ₹22.56 in FY 2025) Full year 2026 results: EPS: ₹14.79 (down from ₹22.56 in FY 2025). Revenue: ₹6.54b (flat on FY 2025). Net income: ₹441.4m (down 34% from FY 2025). Profit margin: 6.8% (down from 10% in FY 2025). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • May 28
Ruchira Papers Limited Recommends Dividend for the Fiscal Year 2025-26 Ruchira Papers Limited announced at the board meeting held on May 28, 2026, Recommendation of Dividend of INR 2.50 /- (Rupees Two and Fifty Paise Only) per equity share of face value of INR 10/- each for F.Y. 2025-26 subject to the approval of the Shareholders at the ensuing Annual General Meeting. Announcement • May 18
Ruchira Papers Limited to Report Q4, 2026 Results on May 28, 2026 Ruchira Papers Limited announced that they will report Q4, 2026 results on May 28, 2026 Reported Earnings • Feb 16
Third quarter 2026 earnings released: EPS: ₹0.68 (vs ₹5.52 in 3Q 2025) Third quarter 2026 results: EPS: ₹0.68 (down from ₹5.52 in 3Q 2025). Revenue: ₹1.33b (down 21% from 3Q 2025). Net income: ₹20.4m (down 88% from 3Q 2025). Profit margin: 1.5% (down from 9.8% in 3Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 1% per year. Announcement • Feb 04
Ruchira Papers Limited to Report Q3, 2026 Results on Feb 13, 2026 Ruchira Papers Limited announced that they will report Q3, 2026 results on Feb 13, 2026 Announcement • Jan 23
Ruchira Papers Limited Informs Demise of Managing Director Umesh Chander Garg, Effective January 23, 2026 Ruchira Papers Limited informed the sad demise of Sh. Umesh Chander Garg, Managing Director and one of the Promoters of the Company, on January 23, 2026. Sh. Umesh Chander Garg was a visionary leader and played a pivotal role in the growth and development of the Company since its inception. He held the position of Managing Director until his passing. Reported Earnings • Nov 14
Second quarter 2026 earnings released: EPS: ₹5.23 (vs ₹5.92 in 2Q 2025) Second quarter 2026 results: EPS: ₹5.23 (down from ₹5.92 in 2Q 2025). Revenue: ₹1.68b (up 1.5% from 2Q 2025). Net income: ₹156.0m (down 12% from 2Q 2025). Profit margin: 9.3% (down from 11% in 2Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has remained flat. Announcement • Nov 03
Ruchira Papers Limited to Report Q2, 2026 Results on Nov 13, 2025 Ruchira Papers Limited announced that they will report Q2, 2026 results at 9:08 AM, Indian Standard Time on Nov 13, 2025 Announcement • Sep 30
Ruchira Papers Limited Approves Dividend for the Financial Year Ended March 31, 2025 Ruchira Papers Limited at its Annual General Meeting held on 29 September 2025, approved to declare a dividend of INR 5 per equity share of INR 10 each, as recommended by the board of directors at its meeting held on May 24, 2025, for financial year ended March 31, 2025. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₹141, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 26x in the Forestry industry in India. Total returns to shareholders of 31% over the past three years. Upcoming Dividend • Sep 15
Upcoming dividend of ₹5.00 per share Eligible shareholders must have bought the stock before 22 September 2025. Payment date: 29 October 2025. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 3.3%. Within top quartile of Indian dividend payers (1.2%). Higher than average of industry peers (0.5%). Declared Dividend • Aug 13
Dividend of ₹5.00 announced Dividend of ₹5.00 is the same as last year. Ex-date: 22nd September 2025 Payment date: 29th October 2025 Dividend yield will be 3.7%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is well covered by both earnings (22% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 35% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Aug 12
Ruchira Papers Limited announces Annual dividend, payable on October 29, 2025 Ruchira Papers Limited announced Annual dividend of INR 5.0000 per share payable on October 29, 2025, ex-date on September 22, 2025 and record date on September 22, 2025. Reported Earnings • Aug 12
First quarter 2026 earnings released: EPS: ₹5.69 (vs ₹4.95 in 1Q 2025) First quarter 2026 results: EPS: ₹5.69 (up from ₹4.95 in 1Q 2025). Revenue: ₹1.69b (up 2.6% from 1Q 2025). Net income: ₹169.8m (up 15% from 1Q 2025). Profit margin: 10% (up from 9.0% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 11
Ruchira Papers Limited, Annual General Meeting, Sep 29, 2025 Ruchira Papers Limited, Annual General Meeting, Sep 29, 2025, at 12:00 Indian Standard Time. Location: hotel black mango, nahan, road kala-amb, district, sirmaur, himachal, pradesh- 173 030, nahan India Announcement • Jul 29
Ruchira Papers Limited to Report Q1, 2026 Results on Aug 11, 2025 Ruchira Papers Limited announced that they will report Q1, 2026 results on Aug 11, 2025 Reported Earnings • May 25
Full year 2025 earnings released: EPS: ₹22.56 (vs ₹16.48 in FY 2024) Full year 2025 results: EPS: ₹22.56 (up from ₹16.48 in FY 2024). Revenue: ₹6.64b (flat on FY 2024). Net income: ₹673.3m (up 37% from FY 2024). Profit margin: 10% (up from 7.5% in FY 2024). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 16
Ruchira Papers Limited to Report Q4, 2025 Results on May 24, 2025 Ruchira Papers Limited announced that they will report Q4, 2025 results at 9:08 AM, Indian Standard Time on May 24, 2025 Buy Or Sell Opportunity • Apr 08
Now 21% overvalued Over the last 90 days, the stock has fallen 5.4% to ₹120. The fair value is estimated to be ₹98.95, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 8.7%. Buy Or Sell Opportunity • Feb 18
Now 25% overvalued Over the last 90 days, the stock has fallen 7.7% to ₹117. The fair value is estimated to be ₹94.00, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 8.7%. Reported Earnings • Feb 14
Third quarter 2025 earnings released: EPS: ₹5.52 (vs ₹2.41 in 3Q 2024) Third quarter 2025 results: EPS: ₹5.52 (up from ₹2.41 in 3Q 2024). Revenue: ₹1.69b (up 6.9% from 3Q 2024). Net income: ₹164.8m (up 129% from 3Q 2024). Profit margin: 9.7% (up from 4.5% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 01
Ruchira Papers Limited to Report Q3, 2025 Results on Feb 13, 2025 Ruchira Papers Limited announced that they will report Q3, 2025 results on Feb 13, 2025 Buy Or Sell Opportunity • Dec 02
Now 22% overvalued Over the last 90 days, the stock has fallen 1.7% to ₹142. The fair value is estimated to be ₹116, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years. Earnings per share has grown by 15%. Reported Earnings • Nov 12
Second quarter 2025 earnings released: EPS: ₹5.92 (vs ₹3.55 in 2Q 2024) Second quarter 2025 results: EPS: ₹5.92 (up from ₹3.55 in 2Q 2024). Revenue: ₹1.66b (down 2.6% from 2Q 2024). Net income: ₹176.7m (up 67% from 2Q 2024). Profit margin: 11% (up from 6.2% in 2Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 04
Ruchira Papers Limited to Report Q2, 2025 Results on Nov 11, 2024 Ruchira Papers Limited announced that they will report Q2, 2025 results on Nov 11, 2024 Upcoming Dividend • Sep 10
Upcoming dividend of ₹5.00 per share Eligible shareholders must have bought the stock before 17 September 2024. Payment date: 24 October 2024. Payout ratio is a comfortable 30% but the company is paying out more than the cash it is generating. Trailing yield: 3.5%. Within top quartile of Indian dividend payers (1.1%). Higher than average of industry peers (0.6%). Reported Earnings • Aug 12
First quarter 2025 earnings released: EPS: ₹4.95 (vs ₹7.29 in 1Q 2024) First quarter 2025 results: EPS: ₹4.95 (down from ₹7.29 in 1Q 2024). Revenue: ₹1.64b (down 2.9% from 1Q 2024). Net income: ₹147.8m (down 32% from 1Q 2024). Profit margin: 9.0% (down from 13% in 1Q 2024). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Declared Dividend • Aug 11
Dividend of ₹5.00 announced Dividend of ₹5.00 is the same as last year. Ex-date: 17th September 2024 Payment date: 24th October 2024 Dividend yield will be 3.7%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is covered by earnings (30% earnings payout ratio) but not covered by cash flows (115% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Announcement • Aug 09
Ruchira Papers Limited, Annual General Meeting, Sep 24, 2024 Ruchira Papers Limited, Annual General Meeting, Sep 24, 2024, at 12:00 Indian Standard Time. Location: hotel black mango, nahan, road kala-amb, district, sirmaur, himachal, pradesh- 173 030, nahan India Announcement • Aug 02
Ruchira Papers Limited to Report Q1, 2025 Results on Aug 09, 2024 Ruchira Papers Limited announced that they will report Q1, 2025 results on Aug 09, 2024 Reported Earnings • May 28
Full year 2024 earnings released: EPS: ₹16.48 (vs ₹22.66 in FY 2023) Full year 2024 results: EPS: ₹16.48 (down from ₹22.66 in FY 2023). Revenue: ₹6.60b (down 18% from FY 2023). Net income: ₹491.9m (down 27% from FY 2023). Profit margin: 7.5% (down from 8.4% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Announcement • May 22
Ruchira Papers Limited to Report Q4, 2024 Results on May 27, 2024 Ruchira Papers Limited announced that they will report Q4, 2024 results on May 27, 2024 Reported Earnings • Feb 14
Third quarter 2024 earnings released: EPS: ₹2.41 (vs ₹5.78 in 3Q 2023) Third quarter 2024 results: EPS: ₹2.41 (down from ₹5.78 in 3Q 2023). Revenue: ₹1.59b (down 22% from 3Q 2023). Net income: ₹72.1m (down 58% from 3Q 2023). Profit margin: 4.5% (down from 8.5% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Announcement • Feb 03
Ruchira Papers Limited to Report Q3, 2024 Results on Feb 12, 2024 Ruchira Papers Limited announced that they will report Q3, 2024 results on Feb 12, 2024 Reported Earnings • Nov 09
Second quarter 2024 earnings released: EPS: ₹3.55 (vs ₹6.66 in 2Q 2023) Second quarter 2024 results: EPS: ₹3.55 (down from ₹6.66 in 2Q 2023). Revenue: ₹1.70b (down 23% from 2Q 2023). Net income: ₹105.9m (down 47% from 2Q 2023). Profit margin: 6.2% (down from 9.0% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Announcement • Nov 09
Ruchira Papers Limited Announces Appointment of Ranjit Singh Sldhu as an Additional Director (Non-Executive & Independent) Ruchira Papers Limited announced that Board of Directors of the company have appointed Sh. Ranjit Singh Sldhu as an Additional Director (Non-Executive & Independent) with effect from November 08, 2023. Mr. Ranjit Singh Sidhu is a retired Brigadier with an extensive career spanning over three and a half decades in the military wherein he held various leadership roles. His tenure bears testimony to his adeptness in Leadership & Team Management, Financial Management & Administration, Planning, Training & Coordination, Event Management & Appraisal, and Welfare Programs. His dedication to effective leadership, resource management, and the welfare of individuals under his command is remarkable. Announcement • Oct 01
Ruchira Papers Limited Proposes Dividend for Financial Year Ended March 31, 2023 Ruchira Papers Limited at its AGM held on September 29, 2023, proposed to declare a dividend of INR 5/- per Equity share of INR 10/- each, as recommended by the Board of Directors, for financial year ended March 31, 2023. Upcoming Dividend • Sep 15
Upcoming dividend of ₹5.00 per share at 3.3% yield Eligible shareholders must have bought the stock before 22 September 2023. Payment date: 29 October 2023. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 3.3%. Within top quartile of Indian dividend payers (1.3%). Higher than average of industry peers (0.9%). Reported Earnings • Aug 12
First quarter 2024 earnings released: EPS: ₹7.29 (vs ₹4.05 in 1Q 2023) First quarter 2024 results: EPS: ₹7.29 (up from ₹4.05 in 1Q 2023). Revenue: ₹1.69b (down 15% from 1Q 2023). Net income: ₹217.6m (up 87% from 1Q 2023). Profit margin: 13% (up from 5.9% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Announcement • Aug 12
Ruchira Papers Limited, Annual General Meeting, Sep 29, 2023 Ruchira Papers Limited, Annual General Meeting, Sep 29, 2023, at 12:00 Indian Standard Time. Location: Hotel Black Mango, Nahan Road, Kala-Amb District Sirmaur, Himachal Pradesh-173030 Sirmaur Himachal Pradesh India Announcement • May 30
Ruchira Papers Limited AnnouncesRecommendation of Dividend Ruchira Papers Limited announced recommendation of dividend of INR 5/- (Rupees Five Only) per equity share of face value of INR 10/- each for F.Y. 2022-23 subject to the approval of the Shareholders at the upcoming Annual General Meeting. Reported Earnings • May 30
Full year 2023 earnings released: EPS: ₹22.66 (vs ₹11.94 in FY 2022) Full year 2023 results: EPS: ₹22.66 (up from ₹11.94 in FY 2022). Revenue: ₹8.04b (up 31% from FY 2022). Net income: ₹676.3m (up 104% from FY 2022). Profit margin: 8.4% (up from 5.4% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Announcement • May 23
Ruchira Papers Limited to Report Q4, 2023 Results on May 29, 2023 Ruchira Papers Limited announced that they will report Q4, 2023 results on May 29, 2023 Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: ₹5.78 (vs ₹2.20 in 3Q 2022) Third quarter 2023 results: EPS: ₹5.78 (up from ₹2.20 in 3Q 2022). Revenue: ₹2.02b (up 36% from 3Q 2022). Net income: ₹172.4m (up 194% from 3Q 2022). Profit margin: 8.5% (up from 3.9% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Dec 19
Insider recently bought ₹2.4m worth of stock On the 14th of December, Vaishali Jhaveri bought around 19k shares on-market at roughly ₹130 per share. This transaction amounted to 1.8% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₹8.4m more in shares than they have sold in the last 12 months. Reported Earnings • Nov 13
Second quarter 2023 earnings released: EPS: ₹6.66 (vs ₹2.48 in 2Q 2022) Second quarter 2023 results: EPS: ₹6.66 (up from ₹2.48 in 2Q 2022). Revenue: ₹2.21b (up 49% from 2Q 2022). Net income: ₹198.9m (up 201% from 2Q 2022). Profit margin: 9.0% (up from 4.5% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₹113, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 13x in the Forestry industry in India. Total returns to shareholders of 74% over the past three years. Reported Earnings • Aug 14
First quarter 2023 earnings released: EPS: ₹4.45 (vs ₹1.86 in 1Q 2022) First quarter 2023 results: EPS: ₹4.45 (up from ₹1.86 in 1Q 2022). Revenue: ₹1.99b (up 58% from 1Q 2022). Net income: ₹116.3m (up 158% from 1Q 2022). Profit margin: 5.8% (up from 3.6% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment improved over the past week After last week's 19% share price gain to ₹110, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 12x in the Forestry industry in India. Total returns to shareholders of 20% over the past three years. Reported Earnings • May 30
Full year 2022 earnings released: EPS: ₹13.13 (vs ₹2.06 in FY 2021) Full year 2022 results: EPS: ₹13.13 (up from ₹2.06 in FY 2021). Revenue: ₹6.13b (up 48% from FY 2021). Net income: ₹330.9m (up ₹281.0m from FY 2021). Profit margin: 5.4% (up from 1.2% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 09
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₹95.65, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 11x in the Forestry industry in India. Total returns to shareholders of 8.8% over the past three years. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 8 highly experienced directors. Independent Non-Executive Director Suhasini Yadav was the last director to join the board, commencing their role in 2014. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 23% share price gain to ₹95.05, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 10x in the Forestry industry in India. Total loss to shareholders of 7.4% over the past three years. Reported Earnings • Feb 13
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹2.42 (up from ₹0.17 in 3Q 2021). Revenue: ₹1.49b (up 27% from 3Q 2021). Net income: ₹58.6m (up ₹54.6m from 3Q 2021). Profit margin: 3.9% (up from 0.3% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Board Change • Dec 06
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 8 highly experienced directors. Independent Non-Executive Director Suhasini Yadav was the last director to join the board, commencing their role in 2014. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Sep 13
Upcoming dividend of ₹1.00 per share Eligible shareholders must have bought the stock before 20 September 2021. Payment date: 28 October 2021. Trailing yield: 1.3%. Lower than top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (0.6%). Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₹75.10, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 15x in the Forestry industry in India. Total loss to shareholders of 43% over the past three years. Reported Earnings • Aug 15
First quarter 2022 earnings released: EPS ₹1.86 (vs ₹1.87 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹1.26b (up 117% from 1Q 2021). Net income: ₹45.2m (up ₹90.5m from 1Q 2021). Profit margin: 3.6% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Reported Earnings • Jun 20
Full year 2021 earnings released: EPS ₹2.06 (vs ₹11.29 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹4.17b (down 13% from FY 2020). Net income: ₹49.9m (down 82% from FY 2020). Profit margin: 1.2% (down from 5.7% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Mar 02
New 90-day high: ₹72.05 The company is up 24% from its price of ₹58.25 on 02 December 2020. The Indian market is up 16% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Forestry industry, which is up 38% over the same period. Reported Earnings • Feb 15
Third quarter 2021 earnings released: EPS ₹0.17 (vs ₹0.58 in 3Q 2020) The company reported a poor third quarter result with weaker earnings and profit margins, although revenues were flat. Third quarter 2021 results: Revenue: ₹1.17b (flat on 3Q 2020). Net income: ₹4.01m (down 72% from 3Q 2020). Profit margin: 0.3% (down from 1.2% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 31% per year, which means it has not declined as severely as earnings. 
