Shares of Polycab Ltd. surged to record high on Friday after the company's profit jumped 29% during the January-March period.
The company's consolidated net profit rose to Rs 553 crore in fourth quarter ended March 2024 from Rs 429 crore a year ago, according to an exchange filing.
Polycab Q4 Results Highlights (Consolidated, YoY)
Revenue rose 29% to Rs 5,592 crore.
Ebitda rose 25% to Rs 762 crore.
Margin at 13.6% versus 14.1%
Net profit rose 29% to Rs Rs 553 crore.
Shares of the company rose as much as 8.52% to Rs 6,297.80 apiece, the highest level since its listing on April 16, 2019. It was trading 8.20% higher at Rs 6,279.40 apiece as of 1:42 p.m. This compares to a 0.33% advance in the NSE Nifty 50 Index.
The stock has risen 91.51% in 12 months and 11.99% so far this year. The total traded volume so far in the day stood at 4.9 times its 30-day average. The relative strength index was at 75.89. which implied the stock is overbought.
Out of 32 analysts tracking the company, 22 maintain a 'buy' rating, six recommend a 'hold,' and four suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 9.6%.
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