Shares of Power Grid Corp. of India Ltd. fell the most in over 10 months after its first-quarter profit and revenue missed analysts' estimates.
The company's consolidated net profit declined 5.37% year-on-year to Rs 3,597.2 crore in the quarter ended June, according to an exchange filing on Monday. This compares to a Bloomberg estimate of Rs 4,252.4 crore.
Power Grid Corp. Q1 FY24 (Consolidated, Year-on-Year)
Revenue up 1.31% at Rs 11,048.1 crore. (Bloomberg estimate: Rs 12,051.4 crore).
Ebitda up 4.69% at Rs 9,682.6 crore. (Bloomberg estimate: Rs 10,609.5 crore).
Ebitda margins at 87.6% versus 84.8%.
Net profit down 5.37% at Rs 3,597.2 crore. (Bloomberg estimate: Rs 4,252.4 crore).
Shares of Power Grid Corp. fell 4.62%, the most since Sept. 23, 2022, before paring losses to trade 3.95% lower at 10:12 a.m. This is compared to a 0.14% advance in the NSE Nifty 50.
The stock has risen nearly 19.49% year-to-date. Total traded volume stood at 3.2 times its 30-day average. The relative strength index at 55.6.
Of the 22 analysts tracking the company, 16 maintain a 'buy' rating, four recommend a 'hold' and two suggest a 'sell' on the stock, as per Bloomberg data. The average of 12-month price target given by analysts implies a potential upside of 0.4%.
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