Shares of Engineers India Ltd. jumped over 8% on Friday after its second-quarter profit beat analyst estimates.
The company's consolidated net profit rose 69.5% year-on-year to Rs 127.5 crore in the quarter ended September, according to an exchange filing. That compares with Bloomberg estimate of Rs 112.8 crore.
Engineers India Q2 FY24 Highlights (Consolidated, YoY)
Revenue down 0.4% at Rs 789.8 crore. (Bloomberg estimate: Rs 911.7 crore).
Ebitda up 2.2 times at Rs 98.6 crore. (Bloomberg estimate: Rs 84.5 crore).
Margin at 12.48% vs 5.66% (Bloomberg estimate: 9.3%).
Net profit up 69.5% at Rs 127.5 crore. (Bloomberg estimate: Rs 112.8 crore).
Shares of the company rose as much as 8.6%, before paring gains to trade 6.2% higher at 1:04 p.m., compared to a 0.05% advance in the NSE Nifty 50.
The stock has risen 73.7% on a year-to-date basis. Volume of shares traded also surged more than seven times that of Thursday to 1.98 crore shares. Total traded volume so far in the day stood at 9.8 times its 30-day average. The relative strength index was at 56.07.
Of the nine analysts tracking the company, five maintain a 'buy' rating, three recommend a 'hold,' and one suggests a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 10%.
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