CMC has soared 7% to Rs 1,431 after reporting 48% year-on-year (yoy) jump in consolidated net profit at Rs 61.06 crore for the third quarter ended December 2012 (Q3). The Tata group firm had posted a net profit of Rs 41.37 crore during the same period last financial year.
“Total income from operations grew 24% at Rs 493 crore in Q3 compared to Rs 396 crore in the same period last year,” CMC said in a statement.
“The company was able to improve EBITDA or operating margin by over 160 basis points yoy through improved business mix and operational efficiencies” said JK Gupta, CFO.
“Increased offshore business from SEZ enabled improvement of net profit margin by 200 basis points year on year” he added.
The stock opened at Rs 1,343 and hit a record high of Rs 1,450 on the NSE. A combined around 95,549 shares have changed hands on the counter so far on both the exchanges.