Jhunjhunwala Backed Escorts Hit 52-Week High After Q1: What Global Analysts Want You To Do

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.

Read Next: This Large Cap Stock Made Rekha Jhunjhunwala ₹161 Cr Richer Today

Take Stock Of The Week Ahead

Get all the latest Share Market trends and news to set you up for the week ahead.

You have successfully subscribed.
Posted In: EarningsNewsPrice TargetReiterationAnalyst RatingsEscorts Kubota