Shares of Amber Enterprises India Ltd. fell on Monday after it reported loss in the third quarter.
Amber Enterprises on Friday reported a net loss of Rs 51.6 lakh in the quarter ended December, compared with a profit of Rs 15.1 crore a year ago, according to an exchange filing. Revenues fell 4% during the same period.
Amber Enterprises Q3 FY24 (Consolidated, YoY)
Revenue down 4% at Rs 1,294.8 crore.
Ebitda flat at Rs 78.5 crore.
Margin expands 24 bps at 6.06%.
Net loss of Rs 51.6 lakh vs profit of Rs 15.1 crore.
"In the 9MFY24 period, our revenues stood at Rs 3,924 crore, while our operating Ebitda climbed to Rs 285 crore, representing a 5% year-on-year growth, translating to 40 basis points increase in operating margins compared to the previous year," said Jasbir Singh, executive chairman and chief executive officer of Amber Enterprises.
Share of the company fell as much as 11.81% to 3,666.50 apiece, the lowest level since Jan. 24. It pared losses to trade 10.57% lower at Rs 3,718.10 apiece, as of 9:55 a.m. This compares to a 0.24% decline in the NSE Nifty 50 Index.
The stock has risen 96.25% in the last 12 months. Total traded volume so far in the day stood at 8.5 times its 30-day average. The relative strength index was at 42.
Out of 25 analysts tracking the company, 17 maintain a 'buy' rating, seven recommend a 'hold,' and one suggests a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 7.4%.
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