Syrma SGS Technology shares rally over 7% after rise in Q4 net profit; check details

The stock made a strong recovery a day after witnessing a slump of more than 16% following the release of its earnings report for the March quarter of FY24 on Monday, May 13.

Syrma SGS Technology reported a profit after tax of ₹45.2 crore for the fourth quarter of FY24, witnessing a growth of 5% compared to the corresponding quarter of the preceding fiscal year. The company had reported a profit after tax of ₹42.9 crore in the March quarter of FY23.

The company’s profit after tax for the March quarter grew 123% sequentially compared to ₹20.3 crore in the December quarter.

In FY24 the company’s profit after tax grew by 1% to ₹124.3 crore from ₹123.1 crore in the previous fiscal year.

In the fourth quarter of FY24 the industrial products maker’s total revenue grew by 63% to ₹1,149.7 from ₹703.4 crore in the corresponding quarter of the previous fiscal year. The company’s total revenue also witnessed a jump of 60% on a quarter-on-quarter basis from ₹718.8 crore in the third quarter of FY24. In FY24, the industrial products maker’s total revenue witnessed a year-on-year growth of 54% to ₹3,170.7 crore against ₹2,055.6 crore in FY23.

Syrma SGS Technology’s EBITDA (earnings before interest, depreciation and amortisation) for the fourth quarter of FY24 grew by 10% to ₹89.3 crore from ₹80.8 crore in the corresponding quarter of the previous fiscal year. The company’s EBITDA also witnessed a growth of 75% from ₹509 in the December quarter of FY24.

For the full financial year 2023-24, the company’s EBITDA grew 11% to ₹257.1 crore from ₹231.5 crore in FY23.

Around 2:50 pm, shares of Syrma Technologies were trading at ₹397.5 apiece, up 1.30%, on the NSE.