Venus Pipes Shares Surge As Q3 Revenue Sees Double-Digital Growth

Venus Pipes and Tubes Ltd. saw its share price rise by 5% on Thursday following the announcement of its third-quarter earnings. The company reported revenue of Rs 231 crore, marking a 11.7% increase from Rs 207 crore in the same period last year.

While, the company’s consolidated net profit for the October-December quarter was down 22.8% at Rs 17.9 crore from Rs 23.2 crore in the year-ago period. The company’s ebitda for the quarter was down 4.6% at Rs 37.1 crore, compared to Rs 38.9 crore in the corresponding period of the previous fiscal year. Ebitda margin was at 16% versus 18.8%.

The scrip rose as much as 4.91% to Rs 1,400.70 apiece. It pared gains to trade 2.24% higher at Rs 1,365 apiece, as of 2:00 p.m. This compares to a 0.12% advance in the NSE Nifty 50 index.

It has fallen 6.13% in the last 12 months. Total traded volume so far in the day stood at 0.08 times its 30-day average. The relative strength index was at 68.14.

Five out of the six analysts tracking the company have a 'buy' rating on the stock and one recommends a 'hold', according to Bloomberg data. The average 12-month consensus price target implies an upside of 79.8%