Jindal Saw Shares Hit Record High As Q1 Profit Jumps 71%
Margin expanded to 17% in the June quarter versus 13.8% in the year-ago period.
.jpg?auto=format%2Ccompress&w=200)
Shares of Jindal Saw Ltd. jumped nearly 8% to an all-time high on Tuesday after its consolidated net profit rose 71% in the first quarter of the current financial year.
The manufacturer of iron-and-steel pipe products posted a profit of Rs 416 crore in the June quarter. Revenue grew 12% to Rs 4,939 crore, according to an exchange filing.
Jindal Saw Q1 FY25 Earnings Highlights (Consolidated, YoY)
Revenue up 12% to Rs 4,939 crore versus Rs 4,410 crore.
Ebitda up 38% to Rs 840 crore versus Rs 608 crore.
Margin expands to 17% versus 13.8%.
Net profit up 71% to Rs 416 crore versus Rs 244 crore.
Jindal Saw's stock rose as much as 7.69% in early trade to Rs 648 apiece on the NSE. It was trading 7.15% higher at Rs 644.75 per share, compared to a 0.19% advance in the benchmark Nifty at 09:44 a.m.
The share price has risen 98.17% in the last 12 months and 56.43% on a year-to-date basis. The total traded volume so far in the day stood at 17 times its 30-day average. The relative strength index was at 76.92, implying that the stock is overbought.
Two 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 48%.
