Johnson Controls-Hitachi Air Conditioning India Ltd. surged to record high and hit an 20% upper circuit on Friday after it posted a net profit in the fourth quarter of financial year 2024.
The air-conditioning manufacturer's net profit came in at Rs 49 crore in the January-March period against a loss of Rs 1 crore in the same period last year. The net profit was more than triple Bloomberg's estimate of Rs 15.35 crore for the period.
Johnson Controls Q4 FY24 Earnings Highlights (YoY)
Revenue up 41% to Rs 772 crore versus Rs 548 crore (Bloomberg estimate: Rs 666 crore).
Ebitda at Rs 81 crore versus Rs 23 crore (Estimate: Rs 45.2 crore).
Margin at 10.6% versus 4.3% (Estimate: 6.8%).
Net profit at Rs 49 crore versus loss of Rs 1 crore (Estimate: Rs 15.4 crore).
Shares of Johnson Controls hit an upper circuit of 20% and rose to the level of Rs 1,486.85 per share on the NSE. It remained locked in the upper circuit as of 1:26 p.m., as compared to a 0.16% advance in the benchmark Nifty.
The stock gained 42.41% in the last 12 months and 33.22% on a year-to-date basis. The total traded volume so far in the day stood at 14 times its 30-day average. The relative strength index was at 74.80, implying that the stock maybe overbought.
Out of five analysts tracking the company, two have a 'buy' rating on the stock, one recommends 'hold' and two suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 27.4%.
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