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Home » Stock Market » Shree Cement Falls After Q3 Earnings Miss Estimates

Shree Cement Falls After Q3 Earnings Miss Estimates

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

Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

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