Venus Pipes Q3 Profit More Than Doubles, Shares Hit Record High
The company's net profit rose 106.2% year-on-year to Rs 23.3 crore in the quarter ended December 2023. A poll conducted by Bloomberg of analysts' estimates pegged net profit at Rs 22.4 crore.
Shares of Venus Pipes and Tubes Ltd. surged nearly 9% to hit a record high on Tuesday after its profit more than doubled in the third quarter.
The company's net profit rose 106.2% year-on-year to Rs 23.3 crore in the quarter ended December 2023, according to an exchange filing. A poll conducted by Bloomberg of analysts' estimates pegged net profit at Rs 22.4 crore.
"Leveraging our strong partnerships and quality offerings with increased SKUs, we are confident of deeper market penetration, and continue to focus and increase our efforts to take brand Venus to newer geographies across India and the world," the company said in its investor presentation.
Venus Pipes and Tubes Q3 FY24 (Consolidated, YoY)
Revenue up 52.2% at Rs 207.1 crore. (Bloomberg estimate: Rs 207.3 crore).
Ebitda up 122.71% at Rs 39.02 crore. (Bloomberg estimate: Rs 35 crore).
Margin up 596 bps at 18.84%. (Bloomberg estimate: 16.9%).
Net profit up 106.2% at Rs 23.3 crore. (Bloomberg estimate: Rs 22.4 crore).
Shares of the company rose as much as 8.94% to a record high of Rs 1,582 piece. It pared gains to trade 4.4% higher at Rs 1,516.65 apiece as of 9:57 a.m. This compares to a 0.03% decline in the NSE Nifty 50 Index.
It has risen 107.48% in the past 12 months. Total traded volume so far in the day stood at 16 times its 30-day average. The relative strength index was at 69.97
Six analysts tracking the company have a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 15.3%.
