Gopal Snacks, an FMCG company dealing in ethnic snacks, saw its shares tumble nearly 5% to hit a new all-time low of ₹341 apiece after the company posted a weak set of numbers for the December ending quarter (Q3 FY24). This was the company’s first earnings report since its listing in March.

During Q3 FY24, the company reported a standalone net profit of ₹17.9 crore, marking a significant 44% decrease compared to the net profit of ₹33.1 crore recorded in the same period last year. Additionally, revenue from operations remained relatively stagnant at ₹367.6 crore in Q3 FY24, showing minimal growth compared to the ₹363.3 crore revenue reported in the corresponding period of the previous year.

Furthermore, in the first nine months of FY24, the company’s standalone net profit declined to ₹73.5 crore from ₹85.1 crore in 9MFY23, representing a 14% decrease. Similarly, revenue from operations for the first nine months of FY24 totaled ₹1,043.8 crore, reflecting a 1.8% decline compared to the ₹1,062.6 crore revenue recorded in 9MFY23.

Founded in 1999, Gopal Snacks is a fast-moving consumer goods company in India, offering Namkeen, western snacks, and other products across India and internationally. The company operates three manufacturing facilities: Rajkot and Modasa in Gujarat, and Nagpur in Maharashtra.

The company has made its mark in 10 Indian states and 2 Union Territories, with a strong presence in the western region and a domestic reach of over 4 lakh retailers, its website showed.

The company’s shares experienced a lacklustre debut on the bourses on March 14, opening at ₹351 per share compared to the issue price of ₹401 per share. By the end of the first day, the stock had dropped by 9.6% to ₹362.7 per share.

Since its listing, the company’s shares have consistently faced downward pressure. In the past 11 trading sessions, the shares have closed in the red on seven occasions. The Gopal Snacks IPO consisted entirely of an offer for sale (OFS) of equity shares by promoters and other selling shareholders.