IRFC share price dips despite better-than-expected Q2 results 2024. Opportunity to buy?

IRFC share price: After the announcement of Q2 results 2024 on Monday, Indian Railway Finance Corporation (IRFC) share price witnessed selling pressure in early morning deals on Tuesday. IRFC share price today opened with a downside gap at ₹153 apiece on the NSE and touched an intraday low of ₹148.61 per share within a few minutes of the Opening Bell.

According to stock market experts, IRFC's Q2 results 2024 were better than the market's expectations. The company's topline registered growth, while the NII and net profit also logged upside growth during the recently ended September 2024 quarter. They advised medium to long-term investors to take advantage of the recent sell-off and buy IRFC shares at the current market price.

IRFC Q2 results 2024 review

Decoding the Q2 results 2024 of IRFC, Seema Srivastava, Senior Equity Research Analyst at SMC Global Securities, said, “IRFC share price has fallen despite delivering quarterly numbers, which are better than the market estimates. In Q2FY25 results, IRFC reported topline growth, whereas the company's NII and net profit also increased. The company management also delivered strong guidance, which augurs well for the company in the long-term.”

The SMC Global Securities expert said that company management has vowed to diversify its lending portfolio, which is good from the long-term perspective. In light of today's IRFC share price fall, she advised bottom fishing for medium—to long-term investors.

IRFC share price target

Expecting more upside in the IRFC share price, Sumeet Bagadia, Executive Director at Choice Broking, said, “The IRFC share price is looking positive on the technical chart. IRFC shareholders can hold the scrip for the near-term target of ₹175 apiece, maintaining a stop loss at ₹140 per share.”

On the suggestion to fresh investors regarding IRFC shares, Sumeet Bagadia said, “Fresh investors can buy IRFC shares at current market price for the short-term target of ₹175. However, they must maintain a strict stop loss at ₹140.”

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.