Jindal Saw Shares Fall After Profit Misses Estimates
The company's net profit rose 61.46% year-on-year to Rs 480 crore in the quarter ended March, missing Bloomberg's estimate of Rs 576 crore.
Shares of Jindal Saw Ltd. fell on Wednesday after its fourth-quarter profit missed estimates. The company's net profit rose 61.46% year-on-year to Rs 480 crore in the quarter ended March, according to an exchange filing. This compares with the Rs 576 crore consensus price estimate of analysts polled by Bloomberg..
Jindal Saw (Consolidated, YoY)
Revenue rises 4.56% to Rs 5425 crore. (Bloomberg estimate: Rs 5,785 crore).
Ebitda rises 53.4% to Rs 920 crore. (Bloomberg estimate: Rs 1,064 crore).
Margin rises 540 bps to 16.96%. (Bloomberg estimate: Rs 18.4%).
Net profit rises 61.46% to Rs 480 crore. (Bloomberg estimate: Rs 576 crore).
Shares of the company fell as much as 6.67% to Rs 530.05 apiece, the lowest level since April 25. It pared gains to trade 5.98% lower at Rs 533.90 apiece as of 11:36 a.m. This compares to a 0.17% decline in the NSE Nifty 50 Index.
The stock has risen 29.58% on a year-to-date basis and 119.57% in the last 12 months. Total traded volume so far in the day stood at 2.33 times its 30-day average. The relative strength index was at 53.85.
Out of the two analysts tracking the company, one maintains a 'buy' rating and the other recommends a 'hold', according to Bloomberg data. The average 12-month consensus price target implies an upside of 21.7%.
