Shares of GR Infraprojects Ltd. fell to their lowest level in nearly two months on Friday after its profit almost halved in the first quarter.
The company's consolidated net profit declined 49.7% on the year to Rs 156 crore in the quarter ended June 2024, according to an exchange filing. Revenue for the period also fell 18.1% on the year to Rs 2,030 crore.
GR Infraprojects Ltd.'s operating profit fell 39.4% year-on-year to Rs 368 crore. Its margin declined to 18.1% from 24.5%.
Its operating margin contracted during the first quarter because of raw material costs and employee expenses, said Dolat Capital Market Pvt. Ltd. Poor operating performance impacted net profit.
Also Read: KNR Construction Q1 Results Review - Strong Business Strategy To Improve Performance: Nirmal Bang
Shares of GR Infraprojects declined 7.54% to Rs 1,637.05, the lowest level June 11. It pared losses to trade 5.83% lower at Rs 1,667.00 as of 10:11 a.m., compared to 0.97% decline in the NSE Nifty 50 index.
The stock gained 30.7% in last 12 months and 44.71% on year to date basis. Total traded volume on NSE so far in the day stood at 1.39 times its 30-day average. The relative strength index was at 43.17.
Out of 14 analysts tracking the company, six maintain a 'buy' rating, two recommend a 'hold,' and six suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 8.0%
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