 "VA Tech Wabag gains post Q2 results")
VA Tech Wabag was up 5% to Rs 490 on BSE in an otherwise weak market after the company reported a strong 70% year on year (YoY) jump in consolidated net profit at Rs 24 crore for the quarter ended September 30, 2016 (Q2FY17), on back of healthy operational income. The company had posted a profit of Rs 14 crore in the same quarter year ago.
Total income from operations grew 31% at Rs 777 crore on YoY basis.
“Good progress in execution in IIU projects like Petronas, Malaysia and AMAS, Bahrain led to increase in sales by more than 20% in Q2,” VA Tech Wabag said in a release.
EBITDA ((earnings before interest, taxes, depreciation, and amortization) margin stood at 7.5% in Q2F17 against 8% in Q2FY16.
The company said it has order book of over Rs 7,900 crore including framework contracts of about Rs 870 crore.
The order intake of more than Rs 1,500 crore, it added.
The stock has recovered 9% from its early morning low of Rs 450 on BSE. A combined 57,160 shares changed hands on the counter on BSE and NSE till 09:56 AM. The S&P BSE Sensex was down 2.3% at 26,968.
Thus far in 2016, the stock had underperformed the market by 32% as compared to 6% rise in the benchmark index till yesterday.
Total income from operations grew 31% at Rs 777 crore on YoY basis.
“Good progress in execution in IIU projects like Petronas, Malaysia and AMAS, Bahrain led to increase in sales by more than 20% in Q2,” VA Tech Wabag said in a release.
EBITDA ((earnings before interest, taxes, depreciation, and amortization) margin stood at 7.5% in Q2F17 against 8% in Q2FY16.
The company said it has order book of over Rs 7,900 crore including framework contracts of about Rs 870 crore.
The order intake of more than Rs 1,500 crore, it added.
The stock has recovered 9% from its early morning low of Rs 450 on BSE. A combined 57,160 shares changed hands on the counter on BSE and NSE till 09:56 AM. The S&P BSE Sensex was down 2.3% at 26,968.
Thus far in 2016, the stock had underperformed the market by 32% as compared to 6% rise in the benchmark index till yesterday.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%