Craftsman Automation Drops To One-Month Low As Q1 Profit Misses Estimates
The stock declined as much as 5.93% in early trade to Rs 4,997.95 apiece on the NSE.
![<div class="paragraphs"><p>An automotive powertrain parts manufacturing facility of Craftsman Automation Ltd. (Source: Company website).</p></div>](https://media.assettype.com/bloombergquint%2F2024-07%2Fe74ff000-ae10-4106-b783-4597a732c168%2FAn%20automotive%20powertrain%20parts%20manufacturing%20facility%20of%20Craftsman%20Automation%20Ltd.%20Source%20Company%20website)..png?auto=format%2Ccompress&w=200)
Shares of Craftsman Automation Ltd. dropped nearly 6% on Thursday to the lowest in a month after its consolidated net profit declined 26% in the first quarter of the current financial year.
The auto-equipment manufacturer posted a profit of Rs 60 crore in the quarter ended June, missing a consensus estimate of Rs 73 crore by analysts in a Bloomberg survey.
Craftsman Q1 FY25 Highlights (Consolidated, YoY)
Revenue up 11% to Rs 1,151 crore versus Rs 1,038 crore (Bloomberg estimate: Rs 1,116 crore).
Ebitda down 7.9% to Rs 197 crore versus Rs 214 crore (Estimate: Rs 216 crore).
Ebitda margin contracts to 17.1% versus 20.6% (Estimate: 19.3%).
Net profit down 26% to Rs 60 crore versus Rs 81 crore (Estimate: Rs 73 crore).
![Craftsman Automation Drops To One-Month Low As Q1 Profit Misses Estimates](https://media.assettype.com/bloombergquint%2F2024-07%2Fd5a016a5-2f12-4046-9977-17ee4667965d%2FCRAFTSMAN.png?auto=format%2Ccompress)
On the NSE, Craftsman's stock declined as much as 5.93% in early trade to Rs 4,997.95 apiece, the lowest since June 25. It was trading 2.13% lower at Rs 5,200 per share, compared to a 0.53% decline in the benchmark Nifty at 10:07 a.m.
The share price has gained 11.7% in the last 12 months and 3.77% on a year-to-date basis. The total traded volume so far in the day on NSE stood at 0.30 times its 30-day average. The relative strength index was at 50.67.
Nine out of the 10 analysts tracking the company have a 'buy' rating on the stock and one recommends 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 1.6%.