Shares of Schaeffler India Ltd. rose 4.75% to Rs 2,964.45 apiece in trade on Friday as the third-quarter profit beat estimates.
Company’s December quarter revenue was up 17.8% at Rs 1,794.65 crore compared with Rs 1,523.2 crore, in the same period a year back. It nearly met the consensus analyst estimates pooled by Bloomberg, which stood at Rs 1,777.3 crore.
It posted an 21.2% rise in consolidated net profit at Rs 230.98 crore for December quarter on the back of higher revenue, beating analyst estimates of Rs 195.8 crore. The profit stood at Rs 190.64 crore in the same quarter of the previous fiscal.
Also, company’s board declared a dividend of Rs 24 per share.
Schaeffler India Q3 FY23 (YoY)
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Revenue up 17.8% at Rs 1,794.65 crore
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Ebitda up 20.2% at Rs 345.22 crore (Bloomberg estimate: Rs 378.1 crore)
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Ebitda margin at 19.2% vs 18.9%
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Net profit up 21.2% at Rs 230.98 crore (Bloomberg estimate: Rs 195.8 crore)
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The company announced a dividend of Rs 24 per share.
The stock rose as much as 5.02% intraday. The total traded volume stood at 36.7 times its 30-day average. The relative strength index was at 72.1.
Out of the seven analysts tracking the company, three maintain a ‘buy’ rating, two recommend a ‘hold’ and two suggest to ‘sell’ the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 4.4% over the next 12 months.
Source: Bloomberg, Exchange filing
