Shares of Aarti Industries surged up over 8% to hit an intraday high of ₹498.60 after the company posted its results for the September quarter last Saturday.
What Happened: Aarti Industries saw a 26.6% year-on-year decline in its net profit from ₹124.88 crore to ₹90.65 crore for the quarter ending in September. The company’s revenue also took a hit going down 13.7% from ₹1,685 crore in the September quarter of 2022 to ₹1,454 crore.
The EBITDA also showed a decrease of 12.7%, falling from ₹267 crore to ₹233 crore during the same period. However, the company managed to improve its margin slightly, reaching 16.02% compared to the previous 15.84%. Earnings per share for the quarter stood at ₹2.50.
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Despite the lukewarm numbers, the speciality chemicals company managed to beat Bloomberg estimates on profit and margins. The profit was pegged at ₹80 crore while the EBITDA margin was estimated to be around 13.90%.
The beat has helped the stock continue making gains for the third straight session. Life Insurance Corporation Of India owns a 6.80% stake in the company, while Morgan Stanley Investment Funds holds a 1.24% stake.
Price Action: Aarti Industries’ share price was up 8.11% to trade at ₹497.90 on Monday morning.
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