Shares of Indigo Paints Ltd jumped more than 2% to Rs 1630.95 8 in early August morning trading after the company released positive numbers for the first quarter of fiscal 2024.
Consolidated net profit increased by 58.26% year-on-year (YoY) to Rs 31.51 billion in Q6 2023 from Rs 19.91 billion in Q1 FY 2023.
The company reported total consolidated revenue of Rs 292.24 crore for the period ended June 30, 2023, an increase of 30.19% year-on-year from Rs 224.47 crore for the period ended June 30, 2023. ends June 30, 2022.
Earnings before interest, tax, depreciation and amortization (EBITDA) increased 39.2% year-on-year to Rs 49.1 crore. EBITDA margins increased 128 basis points to 17%, but decreased by 501 basis points from the previous quarter. Gross margin was 47.3%, up 214 basis points year-on-year and 51 basis points quarter-on-quarter. The year-over-year expansion in profit margins is attributed to deflation of most raw material costs. The IPO proceeds of Rs 2,800 crore will be used up in the first quarter of fiscal year 24. Brokerage Nuvama Institutional Equities has maintained a buy rating on the Indigo Paints certificate, setting a target price. for 12 months was Rs 1,970, as the results exceeded consensus estimates. Nuvama said in its report, “Indigo posted growth that outstripped the industry this quarter. We maintain a positive view of Indigo’s ability to expand presence in all states and plans to grow the construction chemicals and waterproofing segments.
Shares of Indigo Paints gain 2% post robust Q1 numbers
- August 8, 2023
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