Shares of MTAR Technologies tanked 5 percent in early trade on August 11, on profit-taking even as the company reported solid Q1 results.
At 10:24am, the stock was trading 4.24 percent lower at Rs 2191.05 on the NSE.
The precision engineered systems manufacturer has reported 25.4 percent on-year growth in profit at Rs 20.3 crore for the quarter ended June FY24, driven by strong topline and operating income.
Its revenue for Q1FY24 spiked 68 percent to Rs 152.6 crore from Rs 91 crore a year back, while its EBIDTA jumped 38 percent to Rs. 34.5 crore from Rs 25. The company's EBIDTA margins for Q1FY24 stood at 22.6 percent.
MTAR Technologies reported a 25 percent rise in its net profit to Rs 20.3 crore from Rs. 16.2 crore last year and profit margin for Q1 FY24 stood at 13.3 percent.
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Shareholding Pattern
MTAR Technologies has a market capitalisation of Rs 6,730.20 crore. Around 39.14 percent in the company is owned by the promoters, and 28.33 percent by the public, while DIIs and FIIs own 28.01 and 4.52 percent, respectively.
Stock Performance
The MTAR stock has given a return of 31.80 percent over the last six months. Consequently, it has outperformed the benchmark Nifty 50 index by a considerable margin as the benchmark index has given a return of 9.87 percent over the same duration.
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