Praj Industries shares surge over 7% after strong Q4 earnings report

In its earnings report for the quarter and full financial year ended March 2024, released on Thursday, the company reported 4.3% year-on-year growth in net profit at ₹91.93 crore compared to ₹88.11 crore in the corresponding quarter of the preceding fiscal.

Praj Industries’ revenue from operations for the fourth quarter of FY24 grew marginally by more than 1% to ₹1,018.56 crore compared to ₹1,003.98 crore in the corresponding quarter of the preceding fiscal.

The company’s PAT grew more than 30% quarter-on-quarter (QoQ) against ₹70.41 crore in the December quarter. The company’s revenue from operations for March grew nearly 23% from ₹828.62 crore in the quarter ended December.

For the full financial year 2023-24 the company’s net profit grew more than 18% to ₹283.39 crore compared to ₹239.81 crore in FY23. However, the revenue from operations for the year ended March 31, 2024, dropped marginally by nearly 2% to ₹3,466.27 crore against ₹3,528.03 crore in the preceding fiscal.

The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the March quarter improved by 20.7% to ₹130.7 crore compared to ₹108.3 crore in the year-ago period. Sequentially, the company’s EBITDA grew 34% from ₹97.5 crore in the December quarter. The company’s EBITDA for FY24 grew 22% to ₹387.9 crore compared to ₹317.9 crore in FY23.

The board of directors of Praj Industries informed the exchanges that its Board proposed a final dividend for the financial year ended March 31, 2024. The company declared a dividend of ₹6 per equity share on the face value of ₹2 each, which translates to a dividend payout of 300%. The company will consider the payment of dividend at its meeting scheduled to be held on July 25.

Shares of Praj Industries closed 3.59% higher at ₹518.9 apiece, with a day high of ₹538.8 per share on the NSE.