Shares of Greenply Industries Limited fell the most in over five months on Wednesday after its fourth-quarter profit declined and missed analysts' estimates.
The company's net profit fell 61.8% year-on-year to Rs Rs 11.1 crore in the quarter ended March, according to an exchange filing. This was below Bloomberg's estimate of Rs 18.1 crore.
Greenply Industries Q4 FY23 (Consolidated, YoY)
Revenue is up 4.59% at Rs 469.15 crore. (Bloomberg estimate: Rs 452.6 crore.)
Ebitda is up 6.85% at Rs 47.6 crore (Bloomberg estimate: Rs 38.2 crore).
Ebitda margin at 10.1% vs. 9.93% (Bloomberg estimate: 8.4%)
Net profit was down 61.8% at Rs 11.1 crore. (Bloomberg estimate: Rs 18.1 crore.)
The board recommended a dividend of Rs 0.50 per share.
Shares of Greenply Industries fell 3.12% to Rs 158.2 apiece, compared to a 0.38% fall in the Nifty 50 as of 10:01 a.m. The stock fell 5.05% intraday, the biggest single-day fall since Dec. 23, 2022.
The average traded volume so far in the day stood at 2.3 times its monthly average.
Of the 15 analysts tracking the company, 14 maintain a 'buy' rating, and one suggests a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 26.5%.
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