RattanIndia Shares Surge 11% After Q1 Profit Jumps Nearly Fivefold
The company formerly known as Indiabulls Infrastructure & Power Ltd. recorded a net profit growth of 377.98% Yo to Rs 851.3 crore for the quarter ended June 30, 2024.
Shares of RattanIndia Enterprises Ltd., formerly known as Indiabulls Infrastructure & Power Ltd., surged nearly 11% on Tuesday after its first-quarter profit jumped nearly fivefold.
The company focusing on energy sector has recorded a net profit growth of 377.98% year-on-year to Rs 851.3 crore for the quarter ended June 30, 2024, according to an exchange filing.
Revenue increased 69.5% year-on-year to Rs 2,494.04 crore in the April-June period, compared to Rs 1,471.8 crore reported in the same period of the previous financial year.
Operating income, or earnings before interest, taxes, depreciation, and amortisation, was up 401% year-on-year to Rs 1,031.1 crore. The Ebitda margin expanded to 41.3% from 14% in the same period last year.
Shares of the company rose as much as 10.96% to Rs 89.48 apiece, the highest level since 24 June 2024. It pared gains to trade 8.06% higher at Rs 87.07 apiece as of 9:30 a.m. This compares to a 0.09% decline in the NSE Nifty 50 Index.
The stock has risen 13.82% on a year-to-date basis. Total traded volume so far in the day stood at 2.64 times its 30-day average. The relative strength index was at 66.53.
