Shares of Finolex Cables Ltd. fell the most in nearly 18 months, even as its first-quarter profit came in line with analysts' estimates.
The company's net profit rose 38.4% year-on-year to Rs 132.24 crore in the quarter ended June, according to an exchange filing. That was in line with Bloomberg's estimate of 126.4 crore.
Finolex Cables Q1 (Standalone YoY)
Revenue up 18.6% at Rs 1,204.25 crore. (Bloomberg estimates: Rs 1,111.98 crore)
Ebitda up 27% at Rs 144.4 crore. (Bloomberg estimates: Rs 133.8 crore)
Margins at 11.9% vs 11.2% (Bloomberg estimate 12%)
Net profit up 38.4% at Rs 132.24 crore. (Bloomberg estimates: Rs 126.4 crore)
Shares of Finolex Cables fell 6.13% to Rs 1,022.2 apiece, compared to a 0.4% fall in the NSE Nifty 50 as of 11:41 a.m. The stock fell 7.65% intraday, the most in nearly 18 months since Feb. 24, 2022.
The average traded volume so far in the day stood at 0.39 times its monthly average, while the relative strength index was at 55.
Of the nine analysts tracking the company, six maintain a 'buy' rating, two suggest a 'hold', and one suggests a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 10.2%.
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