The company reported 19% year-on-year (YoY) rise in consolidated net profit to Rs 2,454 crore on the back of 18% YoY rise in total income from operations at Rs 33,157 crore. Operating margin rose from 12.8% in Q4FY15 to 14.7% in Q4FY16.
Analysts, on an average, had expected profit of Rs 1,870 crore on revenues of Rs 29,850 crore.
Antique Stock Broking maintains a ‘buy’ rating on the stock with the price target of Rs 1,640, given the improved growth outlook, absence of any more further provisioning under the hydrocarbon segment, revival of loss making metallurgy segment.
"The company is L1 in around Rs 10,000 crore of power generation orders and is expecting the finalisation of large defence order in FY17e. Given the healthy order pipeline both in domestic and overseas the management is guiding for 15% growth in FY17e order intake," added the report.
At 09:33 AM, the stock was up 10% at Rs 1,417 on the NSE. The trading volumes on the counter nearly doubled with a combined 3.9 million shares changed hands on the NSE and BSE.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU