Shares of Garden Reach Shipbuilders & Engineers Ltd. surged over 18% to hit record high on Thursday after its profit more than doubled, beating analysts' estimates in the quarter ended March.
The company's consolidated net profit jumped 103.64% year-on-year to Rs 112 crore in the fourth quarter of fiscal 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).
Shares of the company jumped 18.31% to Rs 1,411.00 apiece, the highest level since its listing on Oct 10, 2018. It was trading 16.97% higher at Rs 1,391 apiece as of 09:47 a.m. This compares to a 0.35% advance in the NSE Nifty 50 Index.
The stock has risen 59.23% in 12 months and 58.92% so far this year. Total traded volume so far in the day stood at 1.75 times its 30-day average. The relative strength index was at 82.92, which implied the stock is overbought.
Out of four analysts tracking the company, two maintain a 'buy' rating and two suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 49.9%.
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