Shares of Elantas Beck India Ltd. jumped over 10% on Wednesday after its net profit rose 20% in the June quarter and the board approved the acquisition of assets pertaining to the resin business from Von Roll (India) Pvt.
The acquisition was at a consideration of approximately Rs 53.5 crore. With the acquisition, Elantas will be able to offer more individualised solutions and bolster the technology offerings for the resin business sector, according to an exchange filing.
Elantas Q2 Earnings Highlights YoY
Revenue up 10% to Rs 191 crore versus Rs 173 crore.
Ebitda up 9% to Rs 38 crore versus Rs 35 crore.
Ebitda margin at 19.9% versus 20.3%.
Net profit up 20% to Rs 42 crore versus Rs 35 crore.
Elantas stock rose as much as 10.45% during the day to Rs 11,900 apiece on the BSE. It pared gains to trade 6% higher at Rs 11,378 per share, compared to a 1% advance in the benchmark Sensex at 11:41 a.m.
The share price has risen 33.97% on a year-to-date basis and 59.37% in the last 12 months. The total traded volume so far in the day stood at 1.9 times its 30-day average. The relative strength index was at 47.48.
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