JSW Infrastructure Shares Slip After Q1 Profit Falls Nearly 8%
Net profit of the company fell 7.8% year-on-year to Rs 297 crore in the quarter ended June 2024, missing Bloomberg's forecast of Rs 327.2 crore.
Shares of JSW Infrastructure Ltd. fell over 6% on Friday after its first-quarter profit declined and missed analysts' estimates.
Net profit of the company fell 7.8% year-on-year to Rs 297 crore in the quarter ended June 2024, according to an exchange filing. The consensus estimates of analysts polled by Bloomberg forecast net profit at Rs 327.2 crore.
Revenue from operations rose 15% to Rs 1,010 crore, but it was lower than consensus estimates of Rs 1,049.8 crore, according to Bloomberg. During the quarter, the company handled cargo volumes of 27.8 million tonne, which is 9% higher than last year.
Shares of JSW Infra fell as much as 6.5% during morning trade to Rs 314.25 apiece on the NSE. It was trading 5.5% lower at Rs 317.4 apiece, compared to a 0.34% decline in the benchmark Nifty 50 as of 10:24 a.m.
The stock has risen 101% in the last 12 months and 52% on a year-to-date basis. The relative strength index was at 45.
Five out of the eight analysts tracking the company have a 'buy' rating on the stock, one recommends a 'hold' and two suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 8.9%.
