Shares of JB Chemicals & Pharmaceuticals Ltd. surged over 12% to an all-time high on Wednesday after its third-quarter profit met analysts' estimates.
The pharmaceutical firm's consolidated net profit rose 26% year-on-year to Rs 133.6 crore in the quarter ended December, according to an exchange filing on Tuesday. Analysts polled by Bloomberg had projected a consensus profit of Rs 133.70 crore.
JB Pharma Q3 FY24 Earnings Highlights (Consolidated, YoY)
Revenue up 6.53% at Rs 844.5 crore. (Bloomberg estimate: Rs 860.4 crore).
Ebitda up 28% at Rs 223.1 crore. (Bloomberg estimate: Rs 213.4 crore).
Margin expands to 26.42% vs 22.04% (Bloomberg estimate: 24.80%).
Net profit up 26% at Rs 133.6 crore. (Bloomberg estimate: Rs 133.7 crore).
JB Pharma's stock rose as much as 12.45% during the day to Rs 1,940 apiece on the NSE. It was trading 6.65% higher at Rs 1,840.00 per share, compared to a 0.33% advance in the benchmark NSE Nifty 50 at 10:29 a.m.
The share price has risen 83.60% in the last 12 months. The total traded volume so far in the day stood at 36 times its 30-day average. The relative strength index was at 75.10, implying that the stock maybe overbought.
Ten out of the 15 analysts tracking JB Pharma have a 'buy' rating on the stock, three recommend a 'hold' and two suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 8.4%.
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