Divgi TorqTransfer Shares Fall Most In Seven Months After Q3 Profit Declines
The company's consolidated net profit fell 22.2% year-on-year to Rs 9.4 crore in the quarter ended December, according to an exchange filing.
Shares of Divgi TorqTransfer Systems Ltd. fell to their lowest level in seven months after its net profit declined in the third quarter.
The company's consolidated net profit fell 22.2% year-on-year to Rs 9.4 crore in the quarter ended December, according to an exchange filing.
Divgi TorqTransfer Systems Q3 FY24 Results Highlights (Consolidated, YoY)
Revenue down 1.5% at Rs 63.05 crore.
Ebitda down 29% at Rs 12.9 crore.
Margin at 20.5% vs 28.4%.
Net profit down 22.2% at Rs 9.4 crore.
Shares of the company fell as much as 7.20%, the lowest level since June 23, 2023, before paring loss to trade 6.78% lower at 10:11 a.m. This compares to a 0.40% advance in the NSE Nifty 50.
The stock has risen 39.57% since listing on March 14, 2023. Total traded volume so far in the day stood at 8.2 times its 30-day average. The relative strength index was at 25.34, indicating that the stock might be oversold.
Both the analysts tracking the company have a 'buy' rating for the stock, according to Bloomberg data. The average 12-month analysts' price target implies an upside of 50%.
