Shares of Tata Consumer Products Ltd. declined on Thursday after its third-quarter profit fell, missing analysts' estimates.
The company's net profit declined 17.26% year-on-year to Rs 301.5 crore during the quarter ended December, according to an exchange filing. That compares with a Bloomberg's estimate of Rs 349.8 crore.
Tata Consumer Products Q3 Results Highlights (Consolidated, YoY)
Revenue up 9.47% at Rs 3,803.9 crore. (Bloomberg estimate: Rs 3811.9 crore).
Ebitda rose 26.13% to Rs 572.4 crore. (Bloomberg estimate: Rs 549.5 crore).
Margin expanded 198 bps at 15.04%. (Bloomberg estimate: 14.40%).
Net profit down 17.26% at Rs 301.5 crore. (Bloomberg estimate: Rs 349.8 crore).
Shares of the company fell 2.68%, the lowest level since Feb. 1, before paring some losses to trade 2.40% lower at 10:27 a.m. This compares to a 0.07% advance in the NSE Nifty 50.
The stock has risen 57.23% in 12 months. Total traded volume so far in the day stood at 1.4 times its 30-day average. The relative strength index was at 55.13.
Of the 24 analysts tracking the company, 18 maintain a 'buy' rating, five recommend a 'hold,' and one suggests a 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 5.1%.
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