Only buying witnessed in Rajratan Global Wire after the company posts impressive results
The shares of multibagger Rajratan Global Wire jumped higher by 5% on Thursday to lock itself in the upper circuit when the broader markets and the frontline indices are seen correcting.
BSE Sensex has tumbled by more than 600 points in the Thursday trading session, while BSE Smallcap and BSE Midcap index are seen trading with losses of over 0.6% each.
The outstanding set of numbers is what is helping Rajratan Global Wire outperform on the bourses in today's trade.
Key performance highlights for the quarter Q2FY22 (Consolidated):*
- Net sales for the quarter stood at Rs 2411.7 million up 73.5% YoY.
- EBITDA for the quarter stood at Rs 506.8 million up 96.9% YoY.
- EBITDA margin for the quarter stood at 21.01% up 250 bps vs 18.52% in Q2FY21.
- Net Profit stood at Rs 326 million up 140.7% YoY.
- EPS stood at Rs 32.1 up 140.7% YoY vs Rs 13.33 in Q2FY22.
Commenting on the performance Sunil Chordia, Chairman and Managing Director said, “We have continued to build up further on the momentum set in the last 18 months since having completed our expansion in India. The company has delivered its highest-ever revenue, EBITDA and PAT during the quarter, led by strong demand for bead wire in domestic and export markets. More and more customers are looking to increase their engagement with Rajratan, which has pushed us to set up dedicated teams to engage periodically with customers to ensure timely deliveries. We continue to focus on our vision to become the leading and most preferred bead wire manufacturer and supplies to tyre companies in India and globally. We continue to “Outperform” and work as a team in the current challenging times to deliver value to our shareholders.”
The shares of Rajratan Global Wire are up by 426% in 2021 alone. In one year, the stock is up by 573%. In one month, the stock is up by more than 15%.
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