Shares of GMM Pfaudler soared over 8 percent in the morning trade on August 11 after the glass-lined equipment manufacturer reported a sequential growth in net profit for the quarter ended June 2023.
The company posted a consolidated net profit of Rs 54.27 crore in Q1 FY24, down 11.71 percent from Rs 61.47 crore in the year-ago quarter. Sequentially, the net profit was up 48.8 percent from Rs 36.47 crore in the March 2023 quarter.
Revenue from operations climbed 23.40 percent to Rs 912.27 crore from Rs 739.24 crore in the year-ago period.
The earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 35 percent to Rs 132 crore from Rs 98 crore in the year-ago period.
The EBITDA margin was at 14.5 percent against 13.2 percent in the same quarter of the previous fiscal.
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The company said its order backlog stood at Rs 2,013 crore, while the order intake was Rs 770 crore.
The order intake remained subdued due to general weakness in the chemical sector but the opportunity pipeline remained strong across all business platforms and geographies, it said.
“We expect that some of the customer decision making which has been delayed will come through in the next quarter. Our order backlog remains stable, translating to about eight months of visibility in the international business and about six months in the India business,” Managing Director Tarak Patel said.
At 10.30 am, the stock was trading at Rs 1,569 on the BSE, up 8.07 percent from the previous close.
Shares of GMM Pfaudler are trading flat on YTD basis, while the 1-year return stands at (-) 1 percent.
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