Shares of Birla Corp. surged nearly 8% on Monday after the cement manufacturer's fourth-quarter profit more than doubled, beating analysts' estimates. Net profit of the company surged 127% year-on-year to Rs 193.3 crore in the quarter ended March 2024, according to an exchange filing.
The company also recommended a dividend of Rs 10 per share on its 7.70 crore ordinary shares for the financial year 2023-24.
Birla Corp. Q4 Results Highlights: (Consolidated YoY)
Revenue rose 7.87% to Rs 2,656.43 crore. (Bloomberg estimate: Rs 2,613.80 crore).
Ebitda rose 72.2% at Rs 472.41 crore. (Bloomberg estimate: Rs 416.82 crore).
Margin stood at 17.78% versus 11.13% (Bloomberg estimate: 15.90%).
Net profit rose 127.59% at Rs 193.34 crore. (Bloomberg estimate: Rs 150.78 crore)
Shares of Birla Corp. rose as much as 7.8%, the highest since Feb. 28, before paring gains to trade 3.39% higher at 9:54 a.m., compared to a 0.01% decline in the benchmark Nifty 50.
The stock has risen 63% in the last 12 months and 9.4% year-to-date. Total traded volume so far in the day stood at 18 times its 30-day average. The relative strength index was at 65.
Of the 20 analysts tracking the company, 18 maintain a 'buy' rating on the stock, and two suggest a 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 12.3%.
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