Shares of Escorts Kubota jumped up close to 4% on Wednesday to hit a new 52-week high of ₹2,676.80. The Rekha Jhunjhunwala-backed company reported its earnings for the quarter ended June on Tuesday.

What Happened: The company’s consolidated net profits for the quarter more than doubled at ₹289.9 crore as against ₹140.6 crore profit it booked in the same quarter last year. The agri-machine maker’s revenue from operations went up 15.9% year-over-year to ₹2,355.2 crore.

EBITDA for the quarter stood at ₹326.9 crore with an EBITDA margin of around 13.6%. Earnings per share for the quarter came in at ₹26.76.

Analyst Reactions: However, analysts did not seem as impressed by the results. CLSA maintained its ‘sell’ rating on the stock with a price target of ₹2,002. The brokerage firm said that while the company’s Q1 earnings beat estimates its valuation is too high. JP Morgan maintained its ‘underweight’ rating with a price target of ₹1,860. Macquaries also has a ‘neutral’ rating on the stock with a price target of ₹2,100.

Price Action: Escorts’ share price was up 1.16% to trade at ₹2,593.20 in the late hours of trading on Wednesday.

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