Shares of PG Electroplast Ltd. jumped nearly 11% to fresh record highs on Thursday after its fourth-quarter profit rose beating analysts' estimates.
The company's consolidated net profit jumped over 73% on the year to Rs 70 during quarter ended March 2024, according to an exchange filing. Analysts polled by Bloomberg estimated the net profit at Rs 56.5 crore.
PG Electroplast Q4 Results: Highlights (Consolidated, YoY)
Revenue up 30% to Rs 1,077 crore. (Bloomberg estimate: Rs 1,124 crore).
Ebitda up 53.7% to Rs 116 crore. (Bloomberg estimate: Rs 88.6 crore).
Margin at 10.8% versus 9.1% (7.9%).
Net profit up 73.2% to Rs 70 crore. (Bloomberg estimate: Rs 56.57 crore).
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Shares of PG Electroplast jumped 10.92% to Rs 2,640.00, the highest level since its listing on Sep 26, 2011. It pared gains to trade 7.77% higher at Rs 2,565.00, as compared to 0.43% advance in the NSE Nifty 50 index.
The stock gained 75.96% in 12 months and 8.18% so far this year. The total traded volume so far in the day stood at 20 times its 30-day average. The relative strength index was at 80.12, which implied the stock is overbought.
Out of five analysts tracking the company, four maintain a 'buy' rating and one suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 10.8%.
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