Shares of Timken India Ltd. declined the most in over 19 weeks on Thursday after the third-quarter earnings missed analyst estimates.
Timken's third-quarter net profit rose 1.15% year-on-year to Rs 70.6 crore, missing Bloomberg's pooled consensus estimate of Rs 134.1 crore.
Timken India Q3 FY23 (Consolidated, YoY)
Revenues were up 19.49% at Rs 609.4 crore (Bloomberg estimate: Rs 709.4 crore).
Ebitda was down 9.11% at Rs 103.7 crore (Bloomberg estimate: Rs 141.9 crore).
Ebitda margin at 17.02% vs. 22.37% (Bloomberg estimate: 20%).
Net profit was up 1.15% at Rs 70.6 crore (Bloomberg estimate: Rs 134.1 crore).
Shares dropped 4.53% to Rs 3,056.3 apiece as of 10:25 a.m., while the benchmark Nifty 50 eased 0.35%.
The total traded volume so far in the day stood at 6.1 times its 30-day average. The relative strength index at 20 implies that the stock may be oversold.
Out of the seven analysts tracking the company, five maintain a 'buy' rating, one recommends a 'hold,' and one suggests to 'sell' the stock, according to Bloomberg data. The return potential, as calculated by the consensus of analyst estimates, stands at an upside of 11.2% over the next 12 months.
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