JSW Infra‘s share price was tanking on Friday after the company’s June quarter results disappointed the street.
What Happened: The company’s net profit for the April-June period stood at ₹292 crore, marking a decline of about 8% decline from ₹320 crore in the same quarter last year. Revenue from operations increased by around 15% to reach ₹1,009 crore, compared with ₹878 crore a year ago.
Brokerage Reactions: Kotak Securities maintained its “sell” call on the stock with a target price of ₹215. The brokerage said that while the company’s revenue and EBITDA were largely in line, profit missed its estimate by around 6%.
On the other hand, Motilal Oswal maintained its “buy” rating on the stock with a price target of ₹390. The analysts also said that profit missed estimates despite revenue coming in line with expectations.
The analysts said JSW Infrastructure is poised to leverage its robust balance sheet to explore both organic and inorganic growth opportunities.
The company’s strategic focus is on enhancing its market presence and significantly expanding its capacity to 400 million metric tons (MMT) by 2030, up from its current capacity of 170 million metric tonnes, the brokerage said.
Price Action: JSW Infra’s share price was down 6.63% to trade at ₹313.80 in early trade on Friday.
Read Next: ONGC Shares In Red Today, But Brokerage Raises Target Price By 18%
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.