Craftsman Automation Drops To One-Month Low As Q1 Profit Misses Estimates

Shares of Craftsman Automation Ltd. dropped nearly 6% on Thursday to the lowest in a month after its consolidated net profit declined 26% in the first quarter of the current financial year.

The auto-equipment manufacturer posted a profit of Rs 60 crore in the quarter ended June, missing a consensus estimate of Rs 73 crore by analysts in a Bloomberg survey.

Craftsman Q1 FY25 Highlights (Consolidated, YoY)

• Revenue up 11% to Rs 1,151 crore versus Rs 1,038 crore (Bloomberg estimate: Rs 1,116 crore).

• Ebitda down 7.9% to Rs 197 crore versus Rs 214 crore (Estimate: Rs 216 crore).

• Ebitda margin contracts to 17.1% versus 20.6% (Estimate: 19.3%).

• Net profit down 26% to Rs 60 crore versus Rs 81 crore (Estimate: Rs 73 crore).

On the NSE, Craftsman's stock declined as much as 5.93% in early trade to Rs 4,997.95 apiece, the lowest since June 25. It was trading 2.13% lower at Rs 5,200 per share, compared to a 0.53% decline in the benchmark Nifty at 10:07 a.m.

The share price has gained 11.7% in the last 12 months and 3.77% on a year-to-date basis. The total traded volume so far in the day on NSE stood at 0.30 times its 30-day average. The relative strength index was at 50.67.

Nine out of the 10 analysts tracking the company have a 'buy' rating on the stock and one recommends 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 1.6%.

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