Shares of Thyrocare Technologies Ltd. declined on Wednesday after its first-quarter profit declined, missing analysts' estimates.
The diagnostic company's net profit fell 20% year-on-year to Rs 17 crore in the quarter ended June, according to an exchange filing. That compares with Bloomberg's estimate of Rs 24 crore.
Thyrocare Q1 FY24 Highlights (Consolidated, YoY)
Revenue up 6% at Rs 135 crore (Bloomberg estimate: Rs 145 crore).
Ebitda down 5% to Rs 34 crore. (Bloomberg estimate: Rs 40 crore).
Margin at 25.4% vs 28.1% (Bloomberg estimate: 27.5%).
Net profit down 20% to Rs 17 crore. (Bloomberg estimate: Rs 24 crore).
Shares of Thyrocare were trading 3.28% lower at Rs 571.05 apiece as of 11:08 a.m., compared to a 1.04% decline in the benchmark NSE Nifty 50. The stock declined as much as 3.45% intraday, the most since July 20.
The stock has declined nearly 6.94% year-to-date. The total traded volume so far in the day stood at 0.4 times its 30-day average. The relative strength index at 58.72.
All three analysts tracking Thyrocare maintain a 'buy' on the stock, according to Bloomberg. The average of 12-month analyst price targets implies a potential upside of 6.1%.
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