Patanjali Foods Shares Fall 6% After Q3 Profit Misses Estimates
The company's net profit fell 19.6% year-on-year to Rs 216.5 crore in the quarter ended December, missing Bloomberg's estimates of Rs 269.40 crore.
Shares of Patanjali Foods Ltd. slumped on Friday after its third-quarter profit declined missing analysts' estimates.
The company's net profit fell 19.6% year-on-year to Rs 216.5 crore in the quarter ended December, according to an exchange filing. A Bloomberg poll of analysts' estimates pegged the net profit at Rs 269.40 crore.
Revenue and Editda also fell during the period.
Patanjali Foods Q3 FY24 Highlights (YoY)
Revenue down 0.2% at Rs 7,910.7 crore. (Bloomberg estimate: Rs 7951.6 crore).
Ebitda down 6.5% at Rs 344 crore. (Bloomberg estimate: Rs 405.6 crore).
Margin down 29 bps at 4.3% vs 4.6% (Bloomberg estimate: 5.10%).
Net profit down 19.6% at Rs 216.5 crore. (Bloomberg estimate: Rs 269.40 crore).
Shares of Patanjali Foods fell 6%, the lowest level since Feb. 6, before paring loss to trade 4.3% lower at 10:40 a.m. This compares to a 0.11% decline in the NSE Nifty 50.
The stock has risen 72.68% in the last 12 months. Total traded volume so far in the day stood at 1.31 times its 30-day average. The relative strength index was at 51.90.
The two analysts tracking the company have a 'buy' rating, according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 3.5%.
