Shares of Neuland Laboratories Ltd. tumbled nearly 15% to the lowest since April 9 on Monday after its profit declined 20% in the quarter ended March 2024, but beat analysts' estimates.
The company reported a consolidate net profit of Rs 67.6 crore during the January-March quarter, compared with Rs 84.5 crore a year ago, according to an exchange filing. Analysts polled by Bloomberg estimated the net profit at Rs 24.4 crore.
Neuland Lab Q4 Results Highlights: (Consolidated, YoY)
Revenue rises 5.4% to Rs 385 crore. (Bloomberg estimate: Rs 415 crore).
Ebitda rises 10.8% to Rs 107 crore.
Margin at 27.8% versus 29.5%.
Net profit rises 20% to Rs 67.6 crore. (Bloomberg estimate: 24.4 crore).
Shares of Neuland Laboratories fell 14.73% to Rs 6,088.10 apiece, touching the lowest level since April 9. It was trading 14.6% lower at Rs 6,124.50 as of 10:28 a.m., compared to 0.82% decline the NSE Nifty 50 index.
The scrip gained 106.86% in 12 months and 16.21% so far this year. The total traded volume so far in the day stood at 7.5 times its 30-day average. The relative strength index was at 33.34.
Both the analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 33.8%.
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