Rallis India Shares Decline After Q3 Profit Misses Analysts' Estimates
Company reported a 43% year-on-year fall in its net profit to Rs 22.6 crore in the third quarter of the ongoing financial year.
Shares of Rallis India Ltd. declined the most in five weeks since Dec. 23 after third-quarter profit missed analysts' estimates.
The company's net profit fell nearly 43% year-on-year to Rs 22.6 crore in the third quarter of fiscal 2023, it said in its exchange filings. However, the margin narrowed to 8.46% compared to 10.73% in the same quarter last year.
Rallis, a subsidiary of Tata Chemicals, is a solutions provider for agri-inputs.
Rallis India Q3 FY23 (Consolidated, YoY)
Revenue rose 0.37% to Rs 630.4 crore. (Bloomberg estimate: Rs 829.6 crore)
Ebitda down 20.89% at Rs 53.3 crore. (Bloomberg estimate: Rs 99.2 crore)
Ebitda margin at 8.46% versus 10.73%. (Bloomberg estimate: 12%)
Net profit fell 42.98% to Rs 22.6 crore. (Bloomberg estimate: Rs 58.9 crore)
Rallis India Stock Falls In Trade
Shares of the company fell 5.87% to Rs 231.10 apiece as of 11 a.m., compared with a 0.19% decline in the benchmark Nifty 50. The total traded volume stood at 4.9 times its 30-day average.
Out of the 19 analysts tracking the company, six maintain a 'buy' rating, seven recommend a 'hold' and six suggest to 'sell' the stock, according to Bloomberg data. The 12-month consensus price target implies an upside of 2.9%.