Shares of Kirloskar Oil Engines Ltd. fell nearly 10% on Friday after its second-quarter profit declined.
The company's consolidated net profit fell 5.5% to Rs 77.9 crore year-on-year in the July to September quarter, according to its exchange filing.
Kirloskar Oil Engines Ltd. manufactures diesel engines, agricultural equipment, and generator sets and has a presence in international markets as well.
Kirloskar Oil Engines Q2 FY24 Highlights (Consolidated, YoY)
Revenue up 6.24% at Rs 1,305 crore.
Ebitda up 11.8% at Rs 202 crore.
Margin at 15.5% vs 14.7%.
Net profit down 5.5% at Rs 77.9 crore.
Shares of Kirloskar Oil Engines fell as much as 9.95%, the lowest since Oct. 26, before paring loss to trade 6.51% lower at 10:09 a.m. This compares to a 0.69% advance in the NSE Nifty 50.
The stock has risen 62.7% on a year-to-date basis. Total traded volume so far in the day stood at 8.8 times its 30-day average. The relative strength index was at 48.2.
All three analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 23.1%.
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