Shree Cement reported net income for the third quarter that missed the average analyst estimate.
- Net income down 44% YoY to Rs 277 crore. [Bloomberg estimate: 325 crore]
- Revenue up 15% YoY to 4,070 crore. [Bloomberg estimate: 4,144 crore]
- Total costs up 27% YoY to Rs 3,850 crore.
- Other income up 46% YoY Rs 161 crore.
- Ebitda down 14% YoY to Rs 708 crore. [Bloomberg estimate: 701 crore]
- Dividend declared at Rs 45 per share.
Deepak Nitrite Advances In Trade
Shares of Deepak Nitrite Ltd. advanced 2.54% to Rs 1,820 apiece in trade on Wednesday after the Q3 earnings revenues and margins met analyst estimates.
Deepak Nitrite Q3 FY23 (Consolidated, YoY)
- Revenues up 16% at Rs 1,991.06 crore (Bloomberg estimate: Rs 2,007.10 crore)
- Ebitda down 10% at Rs 314.59 crore (Bloomberg estimate: Rs 304.77 crore)
- Ebitda margin at 15.8% vs 20.4% (Bloomberg estimate: 15.2%)
- Net profit down 14% at Rs 209.05 crore (Bloomberg estimate: Rs 199.02 crore)
The stock gained as much as 3.38% intraday, the most in over four months since Sept. 28.
Total traded volume stood at seven times its 30-day average. The relative strength index at 14, implies that the stock maybe oversold.
Out of the 15 analysts tracking the stock, 10 maintain a ‘buy’ rating, two recommend a ‘hold’ and three suggest to ‘sell’ the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 21.7% over the next 12 months.
Adani Stocks Gain In Trade
- Shares in Adani Enterprises climbed as investors reassessed the impact of the scathing report from Hindenburg Research published two weeks ago.
- As per Bloomberg, hedge fund and distressed debt investors have begun snapping up Adani company bonds.
- Ratings firm Moody’s said in a report that Indian banks’ exposure to the Adani Group is not large enough to affect their credit quality.
- All group stocks except Ambuja Cements Ltd., ACC Ltd., Adani Green Energy Ltd. and Adani Total Gas Ltd. advanced in trade.
Source: Exchange filing