India's Syrma SGS Technology hits 2-mth low on Q1 profit miss

Syrma SGS Technology

06/08/2024 06:43

** Shares of electronic systems maker Syrma SGS Technology  SYRM.NS  fall as
much as 9.3% to 423 rupees, hits lowest level since June 5
    ** SYRM on Monday reported a 32.3% fall in consolidated net profit to 193
million rupees
    ** Missed analyst estimates of 289 million rupees, per LSEG data
    ** Gross margins contracted by 7 percentage points (ppt) to 15%
year-on-year, likely on mix change and intense competition, Investec analysts
noted 
    ** Despite operating leverage benefits, EBITDA margins stood at 3.8%,
contracting by 2.3 ppt year-on-year - Investec
    ** Stock last down 1.6%, taking YTD losses to 31.4%

 (Reporting by Anisha Ajith in Bengaluru)
 ((anisha.ajith@thomsonreuters.com;))