ITD Cementation Surges As Q1 Profit Nearly Doubles
Four out of the five analysts tracking the company have a 'buy' rating on the stock.
Shares of ITD Cementation India Ltd. jumped over 11% on Thursday after its consolidated net profit nearly doubled in the first quarter of the current financial year and beat analysts' estimates.
The construction and engineering company's profit rose 91% to Rs 100 crore in the first quarter in comparison to Rs 88 crore that was estimated by analysts in a Bloomberg's survey.
The top line grew 30% to Rs 2,381 crore from Rs 1,833 crore in the year-ago period. ITD reported an operation profit of Rs 221 crore, up 37%.
However, the Ebitda came below Bloomberg's forecast of Rs 231 crore. The operating profit margin expanded 48 basis points to 9.29% during the quarter from 8.81%.
ITD's stock jumped as much as 11.17% in early trade to Rs 536.90, the highest since July 30. It was trading 10.61% higher at Rs 534.05 per share, compared to a 0.34% decline in the benchmark Nifty at 10:39 a.m.
The share price has gained 180.61% in the last 12 months and 86.77% on a year-to-date basis. The total traded volume so far in the day stood at 5.3 times its 30-day average. The relative strength index was at 58.21.
Four out of the five analysts tracking the company have a 'buy' rating on the stock and one recommends 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 16.6%
