Shares of Gravita India Ltd. dropped over 7% on Thursday to the lowest in over a month after the company's margin declined in the fourth quarter of financial year 2024. However, its net profit rose during the period.
The company's margin narrowed 11 basis points to 8.35% in the January-March period, compared to 8.46% in the corresponding period of the previous financial year, according to an exchange filing.
Gravita Q4 FY24 Earnings Highlights (Consolidated, YoY)
Revenue up 15.28% at Rs 863 crore vs Rs 749 crore.
Ebitda up 13.78% at Rs 72.15 crore vs Rs 63.41 crore.
Margin narrows 11 bps to 8.35% vs 8.46%.
Net profit up 8.48% at Rs 69.42 crore vs Rs 63.99 crore.
Board approved interim dividend of Rs 5.2 per share.
Gravita's stock declined as much as 7.15% during the day to the lowest since March 26 on the NSE. It was trading 5.53% lower, compared to a 0.10% advance in the benchmark Nifty 50 at 9:55 a.m.
The stock has gained 80.94% in the last 12 months but fallen 15.69% on a year-to-date basis. The total traded volume so far in the day stood at 2.4 times its 30-day average. The relative strength index was at 41.31.
Four analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 39.6%.
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