Shares of Piramal Pharma Ltd. surged over 7% to the highest in over a year on Wednesday after its operating profit jumped threefold in the third quarter.
The growth in Ebitda was driven by a decline in raw material and energy prices as well as cost optimisation, according to an exchange filing on Tuesday.
Piramal Q3 FY24 Earnings Highlights (Consolidated YoY)
Revenue up 14% at Rs 1,958.6 crore.
Ebitda up 207% at Rs 268.4 crore.
Margin up 862 basis points at 13.7%.
Net profit of Rs 10.1 crore vs loss of Rs 90.2 crore.
On the NSE, Piramal's stock rose as much as 7.19% during the day to Rs 149 apiece, the highest since Nov. 10, 2022. It was trading 3.53% lower at Rs 143.90 apiece, compared to a 0.53% advance in the benchmark Nifty 50 at 10:39 a.m.
The stock has risen 40.40% in the last 12 months. The total traded volume so far in the day stood at 4.1 times its 30-day average. The relative strength index was at 60.63.
Seven analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 4.5%.
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