SKF India Shares Hit Six-Month High After Q4 Profit Beats Estimates
The company's net profit rose 42.54% year-on-year to Rs 175.23 crore in the quarter ended March, beating Bloomberg estimated of Rs 137 crore.
Shares of SKF India Ltd. jumped to six months high, snapping a two-day fall on Thursday after its profit surged beating analysts' estimates.
The company's net profit rose 42.54% year-on-year to Rs 175.23 crore in the quarter ended March, according to an exchange filing. Analysts polled by Bloomberg estimated a net profit of Rs 137 crore.
SKF Q4 Results Highlights: (Consolidated, YOY)
Revenue up 9.93% at Rs 1,203 crore. (Bloomberg estimate: Rs 1,123 crore).
Ebitda up 27.8% at Rs 213 crore. (Bloomberg estimate: Rs 184 crore).
Margin up 247 bps at 17.72%. (Bloomberg estimate: 16.4%).
Net profit up 42.54% at Rs 175.23 crore. (Bloomberg estimate: Rs 137 crore).
Shares of the company rose as much as 11.56% to Rs 5,100 apiece, the highest level since Nov. 8. It pared gains to trade 7.19% higher at Rs 4,899.90 apiece as of 11:27 a.m. This compares to a 0.76% decline in the NSE Nifty 50 Index.
The stock has risen 6.45% on a year-to-date basis and 10.91% in the last 12 months. Total traded volume so far in the day stood at 13.67 times its 30-day average. The relative strength index was at 66.96.
Out of the 12 analysts tracking the company, nine maintain a 'buy' rating and three recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies an upside of 6.6%.
