Shares of UTI Asset Management Co. declined on Thursday after its third-quarter profit fell and missed analysts' estimates.
The company's consolidated third-quarter net profit plunged 70.07% to Rs 60.01 apiece, according to its exchange filing. This is weaker than Bloomberg's consensus estimate of Rs 111.2 crore.
UTI Asset Management Co. Q3 FY23 (Consolidated, QoQ)
Revenues were down 32.27% at Rs 295.15 crore (Bloomberg estimate: Rs 295.33 crore).
Ebitda down 56.83% at Rs 116.9 crore (Bloomberg estimate: Rs 146.4 crore)
Ebitda margin at 39.61% vs. 62.14% (Bloomberg estimate: 49.57%)
Net profit was down 70.07% at Rs 60.01 crore (Bloomberg estimate: Rs 111.2 crore).
Shares of the company closed 2.58% lower at Rs 725.85 apice, while the benchmark Nifty 50 ended flat. The total traded volume was 0.9 times the 30-day average. The relative strength index stood at 32.
Of the 15 analysts tracking the stock, 14 maintained 'buy', and one suggested 'hold', according to Bloomberg data. The 12-month consensus price target implies an upside of 39.5%.
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