EIH Shares Hit 20% Upper Circuit After Q3 Profit Jumps 52%
Revenue was up 26% to Rs 741.3 crore in the quarter ended December.
Shares of EIH Ltd. hit a 20% upper circuit limit to a record high on Wednesday as its profit jumped 52% in the third quarter.
The Oberoi Group's flagship company posted a net profit of Rs 229.94 crore in the quarter ended December, according to an exchange filing on Tuesday.
EIH Q3 FY24 Earnings Highlights (Consolidated, YoY)
Revenue up 26% at Rs 741.3 crore.
Ebitda up 55% at Rs 324.4 crore.
Margin expands to 43.76% vs 35.64%.
Net profit up 52% at Rs 229.9 crore.
EIH's stock rose as much as 19.99% during the day to Rs 426.50 apiece on the NSE. It was trading 18.24% higher at Rs 420.30 per share, compared to a 0.32% advance in the benchmark Nifty 50 at 10:04 a.m.
The share price has risen 153.58% in the last 12 months. The total traded volume so far in the day stood at 33 times its 30-day average. The relative strength index was at 93, indicating it was overbought.
All the three analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 157%.
