Amara Raja Batteries Gains Most In 11 Weeks As Q3 Profit Beats Estimates
The company's Q3 net profit rose 52.7% YoY to Rs 221.88 crore, beating the Bloomberg estimate of Rs 195.6 crore.
Shares of Amara Raja Batteries Ltd. rose the most in over 11 weeks, since Nov. 7, after its third-quarter profit exceeded analysts' expectations.
The company's third-quarter net profit rose 52.7% year-on-year to Rs 221.88 crore as compared to the same quarter of the previous financial year, beating the Bloomberg estimate of Rs 195.6 crore.
Revenues rose 11.49% year-on-year to Rs 2,637.7 crore in the third quarter of the ongoing fiscal but were lower than analyst expectations.
Amara Raja Batteries Q3 FY23 (Consolidated, YoY)
Revenues up 11.49% at Rs 2,637.76 crore [Bloomberg estimates: Rs 2,672.5 crore.]
Ebitda up 38.63% at Rs 394.6 crore [Bloomberg estimates: Rs 352 crore.]
Ebitda margin at 14.96% vs 12.03% [Bloomberg estimates: 13.36%]
Net profit up 52.7% at Rs 221.88 crore [Bloomberg estimates: Rs 195.6 crore.]
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Shares of the company rose 1.71% to Rs 575.70 apiece as of 11:30 a.m., while the benchmark Sensex declined 1.24%. Total traded volume stood at 2.5 times its 30-day average.
Out of the 19 analysts tracking the company, nine maintain a 'buy' rating, seven recommend a 'hold' and three suggest 'sell' on the stock, according to Bloomberg data. The 12-month consensus price target implies an upside of 11%.