Shares of Star Cement Ltd. surged to a lifetime high on Thursday after its third-quarter profit beat analysts' estimates.
The company's net profit rose 39.1% year-on-year to Rs 73.5 crore in the quarter ended December, beating the Bloomberg estimate of Rs 52.87 crore.
Star Cement Q3 Results Highlights (Consolidated, YoY)
Revenue up 5.5% at Rs 651.4 crore. (Bloomberg estimate: 649.7 crore).
Ebitda up 37.2% at Rs 148.8 crore. (Bloomberg estimate: Rs 129.6 crore).
Margin up 527 bps at 22.8% vs 17.6%.
Net profit up 39.1% at Rs 73.5 crore. (Bloomberg estimate: Rs 64 crore).
Shares of the cement maker rose as much as 3.54%, the highest since listing on June 16, 2017, before paring gains to trade1.41% higher at 10:36 a.m. This compares to a 0.16% advance in the NSE Nifty 50.
The stock has risen 66.65% in 12 months. Total traded volume so far in the day stood at 1.7 times its 30-day average. The relative strength index was at 66.1.
Of the 12 analysts tracking the company, seven maintain a 'buy' rating, three recommend a 'hold', and two suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 8.9%.
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