Shares of H.G. Infra Engineering Ltd. hit a record high on Tuesday after its profit rose 37% in the June quarter.
The construction firm's profit increased to Rs 150.4 crore compared to Rs 109.4 crore in the same quarter last fiscal, according to an exchange filing on Monday.
H.G. Infra Q1 FY24 Highlights (Consolidated, YoY)
Revenue up 22% at Rs 1,351.2 crore.
Ebitda up 41% at Rs 280.7 crore.
Margin at 20.8% vs 17.9%.
Net profit up 37% at Rs 150.4 crore.
Shares of H.G. Infra Engineering were trading 0.76% higher at Rs 957.45 apiece as of 11:45 a.m., compared to a 0.05% decline in the benchmark NSE Nifty 50. The stock hit an all-time high of 3.97% at Rs 988, the most in one week.
The stock has risen nearly 54.83% year-to-date. The total traded volume so far in the day stood at 4.6 times its 30-day average. The relative strength index was at 68.04.
Fifteen out of the 16 analysts tracking H.G. Infra Engineering maintain a 'buy' rating on the stock, while one recommends a 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 18.9%.
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