Praj Industries jumps 7% as Q4 PAT grows 53%

Praj Industries Ltd

The shares of Praj Industries Ltd jumped 7 percent in the early trade on May 26, a day after the process solutions company reported profit after tax (PAT) of Rs 88.12 crore in the March quarter of FY23, up 53 percent from the year-ago period

The firm's income from operations stood at Rs 1,003.98 crore, up 21 percent from Rs 830.96 crore in year-ago period, the company said in a BSE filing on May 25.

It operating EBITDA jumped 38.8 percent YoY to Rs 108.3 crore, while the EBITDA margins improved 140 basis YoY to 10.79 percent. The order intake during the quarter stood at Rs 1,038 crore.

One basis point is one-hundredth of a percentage point.

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The board of directors of proposed a final dividend of Rs 4.50 per equity share for the financial year 2023.

In a separate filing with BSE, the company said its board gave an in-principle approval for the formation of a joint venture (JV) with Indian Oil Corporation (IOCL) for the production of a variety of biofuels. Production of Sustainable Aviation Fuel (SAF) is likely to be the joint venture’s first project.

The energy transition and climate action agenda had opened new opportunities for Praj Industries’ engineering businesses, CEO & MD Shishir Joshipura said.

“Expansion of mobility solutions beyond surface mobility, which includes SAF, are expanding horizons of opportunity for our business. We are confident of meeting the expectations of all our stakeholders, as we move forward on our sustainable journey," he said.

At 10:45 am, Praj Industries was trading 6.07 percent higher at Rs 378.80 on NSE.

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