Shares of InterGlobe Aviation Ltd. fell on Thursday even as its first-quarter profit beat analysts' estimates.
The company's net profit stood at Rs 3,090.6 crore in the quarter ended June, compared to a net loss of Rs 1,064.3 crore over the same period last year, according to an exchange filing. A consensus estimate of analysts tracked by Bloomberg projected the net profit at Rs 1,719 crore.
InterGlobe Aviation Q1 FY24 Highlights (Consolidated, YoY)
Revenue up 30% at Rs 16,683 crore. (Bloomberg Estimate: Rs 15,622 crore).
Ebitda up 679% at Rs 5,169.5 crore.
Ebitda margins at 31% versus 5%.
Net profit at Rs 3,090.6 crore versus a net loss of Rs 1,064.3 crore (Bloomberg Estimate: Rs 1,719 crore).
Shares of InterGlobe Aviation fell as much as 5.27%, the lowest since Nov. 9, 2022, before paring loss to trade 3.87% lower at 12:08 p.m. This compares to a 0.26% decline in the benchmark NSE Nifty 50.
The stock has gained 22.86% year-to-date. The total traded volume stood at 8.1 times its 30-day average. The relative strength index was at 38.26
Of the 24 analysts tracking the company, 20 maintain a 'buy' rating on the stock, two recommend a 'hold', and two suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price target implies a potential upside of 17.5%.
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