Schneider Electric shares locked in sixth straight lower circuit but still up 65% in 2024.
Explore the recent market performance of Schneider Electric Infra Ltd., marked by consecutive 5% lower circuit closures and a downward spiral despite strong revenue growth.
Schneider Electric Infra Ltd. continues its downward trend as its shares hit another 5% lower circuit on Friday, marking the sixth consecutive session of such declines. Merely six sessions prior, on May 23, the stock achieved a 52-week high of ₹955, but since then, it has steadily declined.
The company announced its financial results on May 23, revealing a notable 14.9% revenue growth to ₹471.8 crore for the period. This marks the highest revenue in any fiscal year for the company.
EBITDA also saw a significant rise of 20.4% year-over-year to ₹73.3 crore, with the EBITDA margin for the quarter increasing to 15.5% compared to 14.8% the previous year.
However, despite these positive indicators, the company reported a staggering 92.9% decline in net profit to ₹3.2 crore from ₹44.8 crore in the previous year. This was attributed to increased provisions for warranties, rising from ₹8 crore to ₹34 crore, and allowances for credit losses at ₹12.5 crore compared to a write-back of ₹3 crore.
Management reported the total order book at ₹1,951 crore.
Technical analysis reveals that Schneider Electric's shares have dipped below their 50-Day Moving Average of ₹774 and are approaching the 100-Day Moving Average at ₹654.
The Relative Strength Index (RSI) currently stands at 33, nearing "oversold" territory, with a reading below 30 typically indicating an "overbought" condition.
Data from the NSE indicates that an additional 2.04 lakh shares are pending execution at current levels.
Despite trading 5% lower at ₹673.95, Schneider Electric shares have still gained 66% year-to-date in 2024.
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