Goodyear India has surged 8% to Rs 276 after reporting a robust 91% year-on-year (yoy) jump in net profit at Rs 20.81 crore for the first quarter ended March 2013 (Q1), due lower raw material cost and higher other income.
A decline in raw material cost by 7% yoy led to an expansion of the EBITDA margin by 302bp yoy from 6.0% in 1QCY2012 to 9.0% in 1QCY2013.
The company’s income from other sources jumped over two-fold surge to Rs 6.74 crore from Rs 2.93 crore during the recently concluded quarter.
Total operational income however, grew marginally 1.5% to Rs 337 crore in Q1 CY2013 against Rs 332 crore in the corresponding quarter of previous year.
Analyst at Angel Broking believes lower rubber prices would help growth in net profit, going forward, while a slowdown in auto industry is expected to keep revenue growth restrained.
The stock opened at Rs 264 and hit a high of Rs 280 on BSE. Around 10,800 shares have already changed hands on the counter till 1031 hours against an average around 5,500 shares that were traded daily in past two weeks on BSE.
A decline in raw material cost by 7% yoy led to an expansion of the EBITDA margin by 302bp yoy from 6.0% in 1QCY2012 to 9.0% in 1QCY2013.
The company’s income from other sources jumped over two-fold surge to Rs 6.74 crore from Rs 2.93 crore during the recently concluded quarter.
Total operational income however, grew marginally 1.5% to Rs 337 crore in Q1 CY2013 against Rs 332 crore in the corresponding quarter of previous year.
Analyst at Angel Broking believes lower rubber prices would help growth in net profit, going forward, while a slowdown in auto industry is expected to keep revenue growth restrained.
The stock opened at Rs 264 and hit a high of Rs 280 on BSE. Around 10,800 shares have already changed hands on the counter till 1031 hours against an average around 5,500 shares that were traded daily in past two weeks on BSE.
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