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.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
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%.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
