Stock Of The Day: Garden Reach Shares Surge 19.5% After Q4 Results— Key Levels
The company's consolidated net profit jumped 103.64% year-on-year to Rs 112 crore in the fourth quarter ended March 2024, beating Bloomberg estimated of Rs 102 crore.
Shares of Garden Reach Shipbuilders & Engineers Ltd. surged over 19% to hit record high on Thursday after its fourth-quarter profit more than doubled, beating analysts' estimates.
The company's consolidated net profit jumped 103.64% year-on-year to Rs 112 crore in the fourth quarter ended March 2024, according to an exchange filing. Analysts polled by Bloomberg estimated the net profit at Rs 102 crore.
Garden Reach Shipbuilders Q4 Results: Key Highlights (Consolidated, YoY)
Revenue up 69% to Rs 1,016 crore. (Bloomberg estimate: Rs 824 crore).
Ebitda at Rs 91 crore versus Rs 20 crore. (Bloomberg estimate: Rs 58 crore).
Margin at 8.9% versus 3.4% (Bloomberg estimate: Rs 7.1%).
Net profit rose 103.64% to Rs 112 crore. (Bloomberg estimate: Rs 102 crore).
Key Levels To Watch
Resistance: Rs 1,424.8 (lifetime high)
Support: Rs 881 (three-week low)
Shares of the company jumped 19.5% to Rs 1,424.80 apiece, the highest level since its listing on Oct 10, 2018. This compares to a 0.57% advance in the NSE Nifty 50 Index.
