Carysil Ltd.'s deal to supply Quartz kitchen to US retail chain sent stock soaring in the day's trade.
It has entered into an agreement with KARRAN INC., USA, to supply quartz kitchen sinks to fulfil the requirements of the home retail chain, according to an exchange filing on Wednesday.
"We are delighted to announce that Carysil has entered into an agreement with KARRAN INC., USA, to supply quartz kitchen sinks for a new major US home retail chain having around 1800 stores across the United States," according to Chirag Parekh, chairman and managing director at Carysil Ltd.
"We will dedicate a production capacity of 150,000 quartz sinks p.a. commencing from May 2025 for this new tie-up. An initial investment of Rs around 4.5 crore is being allocated towards moulds, machinery, and utilities to support this production," he said.
Q3 Performance
Carysil's net profit slipped to Rs 12.50 crore, representing an 18% fall for the third quarter of the current fiscal 2025 as compared to Rs 15.33 crore for the same period last year.
The company's revenue surged by 8.1% to Rs 203.12 crore for the quarter under review as against Rs 187.96 crore for the year-ago period. Its earnings before tax, interest, depreciation and amortisation dipped to Rs 28.80 crore for the quarter ended December from Rs 35.20 crore for the same quarter of the corresponding year.
Margins contracted to 14.2% for the October-December quarter from 18.7% for the same period last year.
Shares of Carysil Ltd. closed 19.64% higher at Rs 604.10 apiece on the National Stock Exchange, compared to a 0.12% fall in the benchmark Nifty. The stock has fallen 38.27% in the last 12 months.
All six analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 58.5%.
Also Read: Carysil To Raise Up To Rs 125 Crore Via QIP
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