Triveni Turbine Shares Jump Over 16% After Q3 Net Profit Rise
The turbine manufacturer's net profit rose 29.8% year-on-year to Rs 68.3 crore in the October-December period, compared to Rs 52.6 crore in the same period last year.
Shares of Triveni Turbine Ltd. jumped over 16% on Tuesday after its profit rose in the third quarter of fiscal 2024.
The turbine manufacturer's net profit rose 29.8% year-on-year to Rs 68.3 crore in the October-December period, compared to Rs 52.6 crore in the same period last year.
Triveni Turbine Q3 FY24 Results (Consolidated, YoY)
Revenue up 32.5% at Rs 431.7 crore. (Bloomberg estimate: Rs 419.2 crore).
Ebitda up 32.6% at Rs 83.71 crore. (Bloomberg estimate: Rs 82.42 crore).
Margin at 19.4% (Bloomberg estimate: 19.70%).
Net profit up 29.8% at Rs 68.3 crore. (Bloomberg estimate: Rs 65.98 crore).
The company's board has declared an interim dividend of Rs 1.3 per share.
Shares of the company jumped 16.38%, the highest level since Jan. 20, before paring some gains to trade 16.27% higher at 11:52 a.m. This compares to a 0.49% advance in the NSE Nifty 50.
The stock has risen 56.23% in the last 12 months. Total traded volume so far in the day stood at 45 times its 30-day average. The relative strength index was at 57.05.
Of the eight analysts tracking the company, seven maintain a 'buy' rating and one suggests a 'sell', according to Bloomberg data. The average 12-month analysts' price target implies an upside of 54%.
