Shares of PG Electroplast Ltd. jumped nearly 16% to hit a lifetime high on Thursday after its first-quarter profit more than doubled, beating analysts' estimates.
The company's net profit surged 147% to Rs 84 crore in the quarter ended June 2024, according to an exchange filing. That compares to the Rs 53 crore estimates provided by analysts tracked by Bloomberg.
Revenue rose 95% year-on-year to Rs 1,321 crore for the three months ended June, beating Bloomberg's estimate of Rs 959 crore.
Operating income—or earnings before interest, taxes, depreciation, and amortisation—rose 99% year-on-year to Rs 131 crore. The Ebitda margin expanded to 9.9% from 9.7% over the same period last year. Analysts tracked by Bloomberg estimated Ebitda and Ebitda margin at Rs 89 crore and 9.3%, respectively.
Shares of the company rose as much as 15.81% to 464 apiece. It pared gains to trade 8.87% higher at Rs 436.20 apiece, as of 9:45 a.m. This compares to a 0.65% decline in the NSE Nifty 50 Index.
It has risen 191.89% in the last 12 months. Total traded volume so far in the day stood at 11 times its 30-day average and 79.68% year-to-date. The relative strength index was at 72.25, indicating that the stock is overbought.
Out of four analysts tracking the company, two maintain a 'buy' rating, one recommend a 'hold,' and one suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 26.9%.
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