Shares of Schaeffler India Ltd. gained after its third-quarter profit beat analysts' estimates.
The company's third-quarter net profit rose 21.2% year-on-year to Rs 230.98 crore on the back of higher revenue, beating analyst estimates of Rs 195.8 crore. The profit stood at Rs 190.64 crore in the same quarter of the previous fiscal.
Revenue rose 17.8% to Rs 1,794.65 crore compared with Rs 1,523.2 crore in the same period a year ago. It nearly met the consensus analyst estimates pooled by Bloomberg, which stood at Rs 1,777.3 crore.
Schaeffler India Q3 FY23 (YoY)
Revenue is up 17.8% at Rs 1,794.6 crore.
Ebitda up 20.2% at Rs 345.2 crore (Bloomberg estimate: Rs 378.1 crore).
Ebitda margin at 19.2% versus 18.9%
Net profit was up 21.2% at Rs 230.9 crore (Bloomberg estimate: Rs 195.8 crore).
The company announced a dividend of Rs 24 per share.
Shares of the company rose 4.75% to Rs 2,964.45 apiece as of 10:16 a.m., compared with a 0.26% decline in the benchmark Nifty 50. The total traded volume stood at 36.7 times its 30-day average. The relative strength index was at 72.1.
Out of the seven analysts tracking the company, three maintain a 'buy' rating, two recommend a 'hold,' and two suggest 'sell' on the stock, according to Bloomberg data. The 12-month consensus price target implies an upside of 4.4%.
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