Shares of Godrej Consumer Products Ltd. surged nearly 13% to an all-time high on Thursday after its profit in the third quarter met estimates.
The FMCG major's consolidated net profit rose 6.4% year-on-year to Rs 581.06 crore in the quarter ended December, according to an exchange filing on Wednesday. This was in line with the Rs 555.9 crore in net profit projected by analysts tracked by Bloomberg.
GCPL Q3 FY24 Earnings Highlights (Consolidated, YoY)
Revenue up 1.7% at Rs 3,659.6 crore (Bloomberg estimate: Rs 3,734.5 crore).
Ebitda up 16% at Rs 840.7 crore. (Bloomberg estimate: Rs 803.3 crore).
Margin expands 278 basis points to 22.97%. (Bloomberg estimate: 21.5%).
Net profit up 6.4% at Rs 581.1 crore. (Bloomberg estimate: Rs 555.9 crore).
GPCL's stock surged 12.89% during the day to Rs 1,314.30 apiece on the NSE. It was trading 9.85% higher at 1,278.85 per share, compared to a 0.27% advance in the benchmark Nifty 50 at 10.20 a.m. Earlier, the stock had hit an upper circuit of 10%.
The share price has risen 37.74% in the last 12 months. The total traded volume so far in the day stood at 20 times its 30-day average. The relative strength index was at 74.41, implying that the stock is overbought.
Out of 37 analysts tracking the company, 28 have a 'buy' rating on the stock, six recommend a 'hold' and three suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 3.4%.
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