Shares of Godrej Industries Ltd. tumbled over 6% on Monday after its profit more than halved in third quarter of fiscal 2024.
The company's consolidated net profit fell 56.87% year-on-year to Rs 164.6 crore during the quarter ended Dec. 31, according to an exchange filing.
Godrej Industries' revenue also fell 6.58% to Rs 3,590.1 crore.
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Godrej Industries Q3 FY24 (Consolidated, YoY)
Revenue down 6.58% at Rs 3,590.1 crore.
Ebitda down 25.16% at Rs 279.3 crore.
Margin narrows 193 basis point to 7.78%.
Net profit down 56.87% at Rs 164.6 crore.
Shares of the company fell as much as 6.65%, the lowest level since Jan. 2, before paring loss to trade 5.65% lower at 10:54 a.m. This compares to a 0.50% decline in the NSE Nifty 50.
The stock has risen 83.05% in the past 12 months. Total traded volume so far in the day stood at 0.6 times its 30-day average. The relative strength index was at 39.
The one analysts tracking the company maintains a 'buy' rating, according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 28.2%.
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