Shares of Hindware Home Innovation Ltd. tumbled nearly 10% on Wednesday after its profit declined in the fourth quarter of fiscal 2024.
Consolidated net profit of the company fell 88% year-on-year to Rs 2.7 crore in the quarter ended in March 2024, according to an exchange filing.
Hindware Home Innovation Q4 Results: Highlights (Consolidated, YoY)
Revenue rose 0.88% to Rs 773.7 crore.
Ebitda down 27.41% to Rs 65.2 crore.
Margin contracted 328 bps to 8.42%.
Net profit down 88% to Rs 2.7 crore.
Shares of Hindware Home fell as much as 9.80% to Rs 385.15 apiece, the lowest level since May 28, before paring loss to trade 7.42% lower at Rs 395.55 apiece as of 10:47 a.m. This compares to a 0.57% decline in the NSE Nifty 50.
The stock has declined 23.61% in 12 months and 22.31% year-to-date. Total traded volume so far in the day stood at 4.6 times its 30-day average. The relative strength index was at 54.70.
All four analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 40%.
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