Triveni Engineering share price rallied 10 per cent to Rs.64.70 on the BSE at intraday trade after the company reported nearly three-fold rise in consolidated net profit at Rs.68 cr for the quarter ended September 30, 2016, on the back of higher operational income. The firm had a profit of Rs.23 cr in the same quarter last fiscal.
The net sales of the company jumped by 49 per cent to Rs.641 cr as compared to Rs.431 cr in the corresponding quarter of previous fiscal. EBITDA or earnings before interest, tax, depreciation and amortisation margin expanded 400 basis points (bps) to 21 per cent compared to 17 per cent last year.
At 10:04 am, Triveni Engineering share price was up 5 per cent at Rs.61.80 on the Bombay Stock Exchange (BSE), as compared to 0.38 per cent rise in the S&P BSE Sensex. The trading volumes on the counter more than doubled recording a combined of 1.9 million shares changing hands on the BSE and NSE so far.
Triveni Engineering said in a statement that significant improvement in the performance in the September quarter was due to the higher sugar realization prices quarter over quarter as well as significantly higher sugar prices in comparison to year-on-year and improved performance of the distillery business owing to increased realization prices and the sale volumes.
It added that the performance of the engineering businesses were subdued during the September quarter and half-year because of sluggish demand and overall subdued economic activities. The order intake had been sluggish during the Q2 but with many of the enquiries which were in the advanced stages of finalisation, they expect the order booking position for both the Engineering businesses to enhance and improve in the latter half of the current financial year.
According to Dynamic Levels, Triveni Engineering is a multibagger stock. For more details, visit Triveni Engineering share price history.
No comments:
Post a Comment