Hitachi Energy Shares Jump As Q4 Profit More Than Doubles
The stock rose as much as 8.01% during the day to Rs 11,700 apiece on the NSE.
Shares of Hitachi Energy India Ltd. rose over 8% on Wednesday after its consolidated net profit more than doubled in the fourth quarter of financial year 2024. The company posted a profit of Rs 114 crore in the March quarter, beating analysts' estimate of Rs 67 crore.
Robust cyclical revenue favoured margin growth of Hitachi. Diversified revenue mix and operational excellence supported the growth in the profit, according to an exchange filing.
Hitachi Q4 FY24 Earnings Highlights (Consolidated, YoY)
Revenue up 27% to Rs 1,695 crore versus Rs 1,334 crore (Bloomberg estimate: Rs 1,508 crore).
Ebitda up 91.4% to Rs 182 crore versus Rs 95 crore (Bloomberg estimate: Rs 114 crore).
Margin at 10.7% versus 7.1% (Bloomberg estimate: 7.6%).
Net profit rose 124% to Rs 114 crore versus Rs 51 crore (Bloomberg estimate: Rs 67 crore).
On the NSE, Hitachi's stock rose as much as 8.01% during the day to Rs 11,700 apiece, the highest since May 16. It pared gains to trade 1.55% higher at Rs 11,001 apiece, compared to a 0.06% advance in the benchmark Nifty at 10:49 a.m.
The share price has risen 108.95% in the last 12 months and 185.84% on a year-to-date basis. The total traded volume so far in the day stood at 0.62 times its 30-day average. The relative strength index was at 68.06.
Five out of the eight analysts tracking the company have a 'buy' rating on the stock and three suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 32.7%.
