Shares of Jubilant FoodWorks fell on Wednesday after its third-quarter profit declined and revenue missed analysts' estimates.
The company's third-quarter net profit declined 38.8 % quarter-on-quarter decline to Rs 2,960.13 crore, according to an exchange filing.
Jubilant FoodWorks FY23 Q3 (Standalone, QoQ)
Revenue from operations up 2.33% to Rs 13,166 crore [Bloomberg Estimate: Rs 13,250.6 crore]
Net profit down 38.9% to Rs 8,857.45 crore
Ebitda down 8.1% at Rs 2,960.13 [Bloomberg Estimate: Rs 2,438 crore]
Ebitda margin 22.23% vs 24.76%
Shares of the company ended 6.26% lower at Rs 456.60 apiece, compared with the decline in benchmark Nifty 50 at 0.26%.
The total traded volume stood at 3.8 times the 30-day average. The relative strength index stood at 25, suggesting that the stock may be oversold.
Of the 31 analysts tracking the company, 19 maintained 'buy', seven recommended 'hold', while five suggested 'sell', according to Bloomberg data. The 12-month consensus price target implied an upside of 37.4%.
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