Shares of NLC India Ltd. slumped over 7% on Thursday after its profit fell in the fourth quarter of fiscal 2024.
Net profit declined 86.4% year-on-year to Rs 114 crore in the January-March period, compared to Rs 837 crore in the same period last year. The fall in its profit was due to lower revenue.
NLC India is a public-sector 'Navratan' company, which deals in the energy sector.
NLC India Q4 FY24 Result: Key Highlights (Consolidated, YoY)
Revenue fell 31% to Rs 3,541 crore.
Ebitda fell 65% to Rs 602 crore.
Margin at 17% vs 33.5%.
Net profit fell 86.4% to Rs 114 crore.
NLC India Ltd. shares declined 7.51%, the highest level since May 13, before paring loss to trade 2.37% lower 11:01 a.m., compared to a 0.12% fall in the NSE Nifty 50.
The stock has risen 136.4% in 12 months, but fell 11.76% year-to-date. Total traded volume so far in the day stood at 1.23 times its 30-day average. The relative strength index was at 47.57.
The one analyst tracking the company recommends a 'hold', according to Bloomberg data. The average 12-month analysts' price target implies an upside of 12.9%.
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