Praj Industries gains after strong sequential Q3 earnings

Praj Industries rose 2.11% to Rs 45.90 at 9:58 IST on BSE after consolidated net profit surged 275.11% to Rs 24.27 crore on 38.53% growth in income from operations to Rs 269.10 crore in Q3 December 2013 over Q2 September 2013.

The Q3 result was announced after market hours on Wednesday, 5 February 2014.

Meanwhile, the S&P BSE Sensex was up 82.86 points or 0.41% at 20,343.89.

On BSE, so far 70,000 shares were traded in the counter as against average daily volume of 2.49 lakh shares over the past one quarter.

The stock hit a high of Rs 46.90 and a low of Rs 45.75 so far during the day. The stock had hit a 52-week low of Rs 30 on 2 August 2013. The stock had hit a 52-week high of Rs 50.65 on 16 January 2014.

The stock had underperformed the market over the past one month till 5 February 2014, sliding 4.36% compared with the Sensex's 2.83% fall. The scrip had, however, outperformed the market in past one quarter, surging 13.94% as against Sensex's 3.4% fall.

The small-cap company has equity capital of Rs 35.49 crore. Face value per share is Rs 2.

Praj Industries' consolidated net profit rose 0.2% to Rs 24.27 crore on 15.03% growth in income from operations to Rs 269.10 crore in Q3 December 2013 over Q3 December 2012.

Commenting on the company's financial performance, Mr. Gajanan Nabar, CEO & MD, Praj Industries said, "As guided earlier, performance has surged this quarter and the second half of fiscal 2014 is on track to be stronger than the first half. While the level of capital investment activity remains moderate we have been able to sustain order backlog through our focus on value engineering and innovative solutions that are customized to client needs. We have also focused on operating excellence which can be seen by overall improvement in EBIDTA margins".

Praj Industries offers innovative solutions to significantly add value in bio-ethanol, alcohol, brewery plants, process equipment and water and wastewater treatment systems for customers worldwide.

Powered by Capital Market - Live News