Shares of Titagarh Wagons Ltd. rose the most in over three weeks after its profit more than doubled in the fourth quarter.
The company's net profit jumped 114% year-on-year to Rs 48 crore in the quarter ended March, according to an exchange filing. The profit was aided by no loss from the discontinued operations of its subsidiaries, Titagarh Firema, Tiagarh Wagons AFR France, and TSPL.
Titagarh Wagons Q4 FY23 (Consolidated, YoY)
Revenue up 131% at Rs 974.21 crore.
Ebitda up 108% at Rs 95.51 crore. (Bloomberg estimate: Rs 76.4 crore.)
Ebitda margin at 9.8% vs. 10.9%
Net profit up 114% to Rs 48 crore
The board recommended a final dividend of Rs 0.50 per equity share of Rs 2 each. Q4 profit was aided by no loss from the discontinued operations of its subsidiaries, Titagarh Firema, Tiagarh Wagons AFR France, and TSPL.
Shares of Titagarh Wagons rose 5.32% to Rs 341.4 apiece as of 9:41 a.m. in trade on Thursday, compared to a 0.15% decline in the benchmark Nifty 50. The stock gained as much as 6.22% intraday, the most in over three weeks since May 3.
The total traded volume so far in the day stood at three times its 30-day average. The relative strength index was 60.
Three analysts tracking the company maintain a 'buy' rating on the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 22.3%.
Q4 Review :Titagarh Wagons Reports Strong March Quarter
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