Shares of Pennar Industries tumbled 4.80 percent to Rs 70.64 in morning trade on May 25 after the company posted a 41 percent jump in March quarter net profit at Rs 23.34 crore, but lagged estimates.
The value-added engineering products and solutions company, had clocked a consolidated net profit (attributable to shareholders) of Rs 16.54 crore in the year-ago period, it said in a regulatory filing post market hours on May 24.
The net profit in Q4 FY23 came in below Bloomberg estimates of Rs 24.9 crore.
Revenue for the quarter slipped 3.51 percent on-year to Rs 668.43 crore, well below the estimates of Rs 745 crore. The company’s revenue stood at Rs 692.77 crore in the three months to March 2022.
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The Board has also approved the conversion of loan extended to Pennar Global Inc, USA, wholly-owned subsidiary company into equity shares.
“Investment of USD 2.1 million in Pennar Global Inc…to expand the business in US markets,” it added.
For the full fiscal 2022-23, the company’s net profit climbed 80.30 percent to Rs 75.42 crore, as against Rs 41.83 crore in the preceding financial year.
Revenue jumped 27.75 percent to Rs 2,894.62 crore from Rs 2,265.75 crore in 2021-22.
Shares of Pennar Industries are up nearly 20 percent this year till date, and have climbed 89 percent over the past 1-year period.
Pennar Industries is a diversified engineering firm with presence in the automotive, rail, aerospace, infrastructure and energy sectors.
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