India's Syrma SGS Technology slumps on quarterly profit fall

Syrma SGS Technology

07/02/2024 07:16

** Shares of Syrma SGS Technology  SYRM.NS  drop 8.4% to
522.95 rupees apiece after profit drop
    ** Electronics product design and manufacturing firm's stock
set for highest percentage drop in three months, when it
reported weak Q2 results
    ** Dec qtr net profit halves Y/Y to 155.20 million rupees,
hurt by 52% surge in raw material costs
    ** But, rev from ops jumps 38% Y/Y
    ** Stock has fallen over 20% already this year, compared to
an over two-fold surge in 2023
    ** Mean recommendation of 11 analysts tracking SYRM is
"buy"; median PT at 668.50 rupees, 28% above the current
price - LSEG data

    

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))