Shares of BEML Ltd surged 5 percent in the early trade on November 10 as investors cheered for the company's stellar earnings in the July-September quarter.
At 10.28 am, shares of BEML were trading 3.40 percent higher at Rs 2,165.25 on the National Stock Exchange. Volumes in the counter were also strong as three lakh shares had changed hands on the exchanges, higher than the one-month daily traded average of two lakh shares.
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The company's net profit multiplied manifold to Rs 51.80 crore, sharply up from Rs 16.30 crore in the same quarter of the previous fiscal. Revenue grew nearly 14 percent on year to Rs 916.80 crore.
The easing of raw material costs along with the steady rise in revenue also lifted the company's operational performance. As a result, the EBITDA margin expanded 150 basis points on year to 6.7 percent in the September quarter from 5.2 percent in the base period.
Sentiment for the industrial equipment manufacturer has been running high in recent months following consistent order wins. BEML has gained nearly 50 percent this year.
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