Shares of SBI Cards and Payment Services tumbled by 7% on Monday, partly due to their recent quarterly results.
The company’s shares slid to Rs 732.05 on the BSE, dropping below their IPO price of Rs 755 per share.
However, there’s good news too. SBI Cards and Payments Services saw a 15% increase in net profit on an annual basis.
In the September quarter, their net profit reached Rs 603 crore, up from Rs 526 crore in the same period last year.
Additionally, the company’s revenue increased by 22% to Rs 4,221 crore, compared to Rs 3,453 crore in the same quarter last fiscal year.
Market experts remain optimistic about the company’s performance in the future.
According to a report from brokerage firm Motilal Oswal, SBI Cards may continue to do well, particularly thanks to strong transactions using their new cards.
Motilal Oswal Services maintains a ‘Buy’ rating for the company with a target price of Rs 900.
