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Prataap Snacks Shares Dip 3% After GST Authority's Bengaluru Unit Inspection

27 Sep 2023 , 03:14 PM

Prataap Snacks shares fell by 3 % in morning trade on September 27 following a goods and services tax (GST) authority’s search and seizure operation at its Bengaluru manufacturing unit. The regulatory filing on September 26 confirmed the tax authorities’ visit to the Anekal Taluk premises on September 25, for which the company extended full cooperation and provided the required clarifications and details.

In the April-June quarter results, Prataap Snacks demonstrated a 17.31 % YoY increase in total revenue, reaching Rs 389.5 crore. The net profit for the quarter stood at Rs 13.42 crore, a significant improvement from the Rs 9.95 crore loss reported in the same period last year.

The company’s operating profit for the quarter was Rs 32.8 crore, contrasting the operating loss of Rs 1.3 crore in Q1FY23. Prataap Snacks specializes in snack food manufacturing and distribution, offering a variety of popular snack items like chips, namkeens, and extruded snacks under the brand name Diamond.

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