Shares of Prince Pipes and Fittings Ltd. surged over 15% on Wednesday after it reported profit in the second quarter.
The company reported a consolidated net profit of Rs 70.63 crore in the September quarter, according to its exchange filing. This compares to a loss of Rs 24.11 crore during the same quarter previous year.
Exceptional item for the quarter and half year ended Sept. 30 represents a net gain of Rs 17.93 crore towards settlement of registration of corporate office, at The Ruby, Dadar, Mumbai, based on the valuation report, as per its investor presentation.
Prince Pipes and Fittings Q2 FY24 (Consolidated, YoY)
Revenue up 3.13% at Rs 656.45 crore.
Ebitda at Rs 194.18 crore vs loss of Rs 11.36 crore.
Margin at 29.58%.
Reported profit at Rs 70.63 crore vs loss of Rs 24.11 crore.
Shares of the company rose as much as 15.12% to Rs 719.75 apiece, the highest level since Oct. 18. It pared gains to trade 13.80% higher at Rs 711.50 apiece, as of 1:21 p.m. This compares to a 0.24% advance in the NSE Nifty 50 Index.
It has risen 19.4% on a year-to-date basis. Total traded volume so far in the day stood at 67 times its 30-day average. The relative strength index was at 65.1.
Out of the 13 analysts tracking the company, 12 maintain a 'buy' rating, one recommends a 'hold', according to Bloomberg data. The average 12-month consensus price target implies an upside of 13.5%.
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