Shares of Puravankara Ltd. surged 13% to the highest in over 15 years on Wednesday after its profit rose more than threefold in the third quarter.
The real estate developer's consolidated net profit rose 245% year-on-year to Rs 77.8 crore in the quarter ended December 2023, according to an exchange filing on Tuesday.
Puravankara Q3 FY24 Highlights (Consolidated, YoY)
Revenue rose 46% to Rs 573.7 crore.
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Ebitda grew 79% at Rs 198.9 crore.
Margin expanded to 34.66% vs 28.27%.
Net profit surged 245% to Rs 77.8 crore.
The board approved the payment of interim dividend of Rs 6.30 per share.
On the NSE, Puravankara's stock rose as much as 13.03% during the day to Rs 249.40 apiece, the highest since May 23, 2008. It was trading 10.99% higher at Rs 244.90 per share compared to 0.86% decline in benchmark Nifty 50 at 11:20 a.m.
The share price has risen 172.02% in the 12 months. The total traded volume so far in the day stood at 3.6 times its 30-day average. The relative strength index was at 66.13.
The only analyst tracking the company has a 'buy' rating on the stock, according to Bloomberg data. The 12-month price target implies a potential downside of 29%.
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