Trent Shares Hit Record High After Q3 Profit More Than Doubles
The upper circuit limit of the stock was raised to 15% after it hit the earlier limit of 10% following the release the Q3 results.
Shares of Trent Ltd. surged over 14% to a record high on Wednesday after its profit more than doubled in the third quarter.
The company's net profit jumped 139.40% year-on-year to Rs 370.6 crore in the quarter ended December, according to an exchange filing.
Trent Q3FY24 Consolidated Highlight (YoY)
Revenue up 50.5% at Rs 3,466.6 crore.
Ebitda up 94.5% at Rs 628.5 crore.
Margin at 18.13% vs 14.03%.
Net profit up 139.40% at Rs 370.6 crore.
Shares of the company surged 14.40% to hit fresh life high of 3,472 apiece. The upper circuit limit of the stock was raised to 15% after it hit the earlier limit of 10% following the release the results.
At 1:57 p.m., the stock was trading 14.30% higher at Rs 3,469 apiece, compares to a 0.7% advance in the NSE Nifty 50 Index. It has risen 185.95% in the last 12 months.
Total traded volume so far in the day stood at 7.8 times its 30-day average. The relative strength index was at 70.
Out of 20 analysts tracking the company, 13 maintain a 'buy' rating, three recommend a 'hold', and four suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 182.8%.
