Shares of Divgi TorqTransfer Systems Ltd. fell to their lowest level in seven months after its net profit declined in the third quarter.
The company's consolidated net profit fell 22.2% year-on-year to Rs 9.4 crore in the quarter ended December, according to an exchange filing.
Divgi TorqTransfer Systems Q3 FY24 Results Highlights (Consolidated, YoY)
Revenue down 1.5% at Rs 63.05 crore.
Ebitda down 29% at Rs 12.9 crore.
Margin at 20.5% vs 28.4%.
Net profit down 22.2% at Rs 9.4 crore.
Shares of the company fell as much as 7.20%, the lowest level since June 23, 2023, before paring loss to trade 6.78% lower at 10:11 a.m. This compares to a 0.40% advance in the NSE Nifty 50.
The stock has risen 39.57% since listing on March 14, 2023. Total traded volume so far in the day stood at 8.2 times its 30-day average. The relative strength index was at 25.34, indicating that the stock might be oversold.
Both the analysts tracking the company have a 'buy' rating for the stock, according to Bloomberg data. The average 12-month analysts' price target implies an upside of 50%.
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