Suprajit Engg hits life high as Q1 PAT rises 15% YoY; board OK's Rs 112 cr share buyback

Suprajit Engineering zoomed 10.67% to Rs 588.35 after the company's consolidated net profit jumped 15.16% to Rs 38.14 crore in Q1 FY25 as compared with Rs 33.12 crore in Q1 FY24.

Revenue from operations grew by 8.12% to Rs 734.86 crore in Q1 FY25 as against Rs 679.68 crore posted in the corresponding quarter last year.

Profit before tax jumped 21.86% year on year to Rs 58.41 crore in the quarter ended 30 June 2024.

Operational EBITDA was at Rs 86.36 crore in the June quarter, up 16.13% from Rs 74.36 crore reported in Q1 FY24. EBITDA margin reduced to 11.75% in Q1 FY25 as compared to 10.94% recorded in Q1 FY24.

On standalone basis, the companys net profit rose marginally to Rs 51.02 crore in Q1 FY25 as against Rs 50.91 crore posted in Q1 FY24. Revenue from operations was at Rs 376.89 crore in Q1 FY25, up 13.1% year on year.

Meanwhile, the companys board approved a share buyback of up to Rs 112.50 crore at a price of Rs 750 per equity share through tender offer route. The firm plans to buyback up to 15 lakh fully paid-up equity shares, representing upto 1.08% of the total paid-up equity shares of the company.

The buyback price fixed at Rs 750 per equity share, representing a 39.21% premium to Wednesdays closing price of Rs 538.75 on the BSE.

The record date for the said buyback is fixed on Tuesday, 27 August 2024. The buyback is expected to be completed before 30 September 2024.

Suprajit Engineering is engaged in the business of manufacturing of auto components consisting mainly of control cables, speedo cables, auto lamps and other components for automobiles and caters to both domestic and international markets.

The scrip hit an all time high of Rs 597.05 in todays intraday session.

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