Timken India tumbles 3% after Q1 numbers disappoint

Revenue from operations during the quarter increased by 2.6 percent to Rs 717.6 crore from Rs 699.24 crore in the year-ago period

Trade

• Watchlist
• Portfolio
• Message
• Set Alert

 

 

live

• bselive
• nselive

Volume

Todays L/H

More

×

Shares of Timken India dropped over 3 percent in morning trade on August 14 after the ball and roller bearing manufacturing company reported a 23.6 percent decline in net profit at Rs 90.1 crore for the quarter ended June FY24, impacted by weak operating performance and tepid growth in topline.

The company had posted a net profit of Rs 118.05 crore in Q1 FY23.

Shares of Timken India were trading 3.65 percent down at Rs 3271.15 on the BSE at 10.30 am.

Revenue from operations during the quarter increased by 2.6 percent to Rs 717.6 crore from Rs 699.24 crore in the year-ago period, it said in a post-market hours regulatory filing on August 11.

EBITDA (earnings before interest, taxes, depreciation, and amortization) fell 20.9 percent to Rs 135.73 crore as against Rs 171.65 crore in Q1 FY23. Margin slipped to 18.91 percent from 24.55 percent.

The company also said it will shut its Jamshedpur plant during August 25 and September 3 due to low demand and better demand planning for production efficiency.

Shares of the company are up 2.6 percent on YTD basis, while the 1-year return stands at 8 percent.

Timken India Ltd (TIL) functions as the Indian subsidiary of the Timken Company, an American multinational corporation. The company is engaged in the production, distribution, and sales of anti-friction bearings, specializing in tapered roller bearings, cylindrical roller bearings, and an array of other bearing components and accessories.

Presently, the majority stake of 57.70 percent is held by the promoter. Additionally, Timken India is actively involved in bearing repairs and allied mechanical power transmission services.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.