Ratnamani Metals Shares Hit Record High After Q4 Profit Jumps 73%

Shares of Ratnamani Metals & Tubes Ltd. surged to a record high on Thursday after its net profit jumped 73% in the fourth quarter.

The company's net profit rose 73% year-on-year to Rs 192.58 crore in the quarter ended March, according to its exchange filing. The company's March quarter revenue was up 54% to Rs 1,499 crore.

The board also recommended raising Rs 500 crore in one or more tranches in the form of non-convertible debentures by way of private placement.

Ratnamani Metals & Tubes Q4 (Consolidated, YoY)

• Revenue is up 54% at Rs 1,499 crore.

• Ebitda up 4.02% at Rs 300.56 crore.

• Ebitda margin at 20.1% vs. 17.3%.

• Net profit is up 73% at Rs 192.58 crore.

• The board recommended a dividend of Rs 12 per equity share for FY23.

Shares of Ratnamani Metals rose 8.23% to Rs 2,424 apiece, compared to a 0.07% advance in the benchmark NSE Nifty 50 as of 11:04 a.m.

The stock gained as much as 12.97% intraday, the most in over 10 months since June 30, 2022. The stock hit an all-time high of Rs 2,582 apiece, intraday. Total traded volume stood at 56.3 times its 30-day average. The relative strength index was at 79, implying that the stock may be overbought.

Out of the six analysts tracking the company, five maintain a 'buy' rating and one recommends a 'hold' on the stock, according to Bloomberg data.

The average 12-month consensus price target implies a potential downside of 1.9%.