Shares of Astral Ltd. rose the most in over 19 months on Tuesday after its fourth-quarter profit beat analysts' estimates.
The company's March quarter net profit rose 43.1% year-on-year to Rs 206.2 crore, according to an exchange filing, beating the consensus analysts' estimates of Rs 149.09 crore.
The board of directors recommended a final dividend of Rs 2.25 per equity share for the year ended March 31.
The company also highlighted the appointment of Kairav Engineer and Hiranand Savlani as additional directors under the executive category, in its exchange filing.
Astral Q4 FY23 (Consolidated, YoY)
Revenue up 8.31% at Rs 1,506.2 crore. (Bloomberg estimate: Rs 1,489.87 crore).
Ebitda up 45.87% at Rs 311 crore. (Bloomberg estimate: Rs 247.97 crore).
Ebitda margin at 20.64% versus 15.33%. (Bloomberg estimate: 16.6%).
Net profit up 43.1% at Rs 206.2 crore. (Bloomberg estimate: Rs 149.09 crore).
Shares of Astral jumped 8.55% to Rs 1,732 apiece, compared to a 0.11% decline in the benchmark NSE Nifty 50 as of 10:36 a.m. The stock rose as much as 8.75% intraday, the most since Oct. 4, 2021.
The total traded volume so far in the day stood at 26.2 times its 30-day average. The relative strength index was at 85.8, implying that the stock may be overbought.
Out of the 26 analysts tracking the company, 13 maintain a 'buy' rating, eight recommend a 'hold,' and five suggest a 'sell' on the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential downside of 5.9%.
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