Schneider Electric Share Price Hits 5% Lower Circuit As Net Profit Declines

Schneider Electric Infrastructure Ltd.'s share price hit the lower circuit in Friday's session as the company's net profit declined in the first quarter. During April–June, Schneider Electric Infrastructure's consolidated net profit declined 15% on the year to Rs 41.24 crore from Rs 48.48 crore.

Schneider Electric Infrastructure reported a 4.8% on the year rise in revenue. It revenue for the first quarter stood at Rs 621.63 crore compared to Rs 592.91 crore.

Its Ebitda fell 15% on the year to Rs 69.33 crore during first quarter from Rs 81.72 crore. Profit margin declined 260 basis points on the year to 11.2% from 13.8%.

Schneider Electric Infrastructure share price hit the 5% lower circuit and fell to Rs 934.7 apiece, the lowest level since July 31. It remained locked in the lower circuit as of 10:14 a.m., compared to 0.59% decline in the NSE Nifty 50 index.

The stock advanced 12.76% in 12 months, and 21.92% on year-to-date basis. Total traded volume so far in the day stood at 0.7 times its 30-day average. The relative strength index was at 53.24.

Three analysts tracking the company maintain a 'buy' rating, according to Bloomberg data.