Emkay Global Financial Services fell 7% after reporting weak financial results for the quarter ending March 2023.

Shares of Emkay Global Financial Services fell 6.35% to Rs 72.85 at 10:39 am on Tuesday.

On a consolidated basis, Emkay Global reported net sales of Rs 42.14 crore for March 2023, down 19.91% from Rs 52.62 crore in March 2022. Its net loss for the March 2023 quarter was Rs 5.37 crore, down 15.34% from Rs 4.66 crore for the year. In March 2023, EBITDA was negative at Rs 3.50 crore, down 45.23% from Rs 2.41 crore in March 2022.

On a standalone basis, the financial services company reported net sales of Rs 39.69 crore in March 2023, down 0.66% from Rs 39.95 crore in March 2022. The net loss for the March 2023 quarter was Rs 3.73 crore, down 361.24% from Rs 1.43 crore a year ago. For March 2023, EBITDA was negative at Rs 1.51 crore, down 894.74% from Rs 0.19 crore.

Emkay Global Financial Services shares have significantly underperformed the benchmark Nifty50 index over five years. Emkay Global has lost 49.83% of its value over the past five years. In contrast, the Nifty50 index has delivered a healthy return of 73.84% over the same period.