TCPL Packaging shares surge 7% on strong Q4 profit growth and expansion plans

2 min read | Updated on May 29, 2024, 19:04 IST

SUMMARY

TCPL Packaging Ltd shares surged over 7% on May 29 after reporting a 20% increase in Q4 FY24 net profit to ₹29 crore. The company’s consolidated revenue grew 2% YoY to ₹393.38 crore. Following the Q4 results, TCPL announced plans for a greenfield plant in Chennai to boost production capacity. Shares closed at ₹2,180, up 5.22%, driven by strong financial performance and strategic expansion plans.

TCPL Packaging shares surge over 7% after strong Q4 results, plans to set up new plant in Chennai

TCPL Packaging Ltd shares surged more than 7% on Wednesday, May 29, after the company reported strong growth in net profit for the March quarter.

Shares of the company surged as much as 7.55% to hit an intraday high of ₹2,228.4 apiece on the NSE a day after the company announced plans to expand operations with a greenfield plant in Chennai following the release of its Q4 results on May 28.

The setting up of the greenfield plant is a part of the strategic expansion plan of the company to enhance its pan-India presence and for improving the production capacity, TCPL Packaging informed in its investor presentation after the Q4 results.

The company’s consolidated revenue from operations for the March quarter grew more than 2% to ₹393.38 crore compared to ₹383.38 crore in the year-ago period. Sequentially, the company’s revenue from operations grew more than 10% compared to ₹356.89 crore in the quarter ended December.

The company’s PAT (Profit-After-Tax) for the fourth quarter of FY24 grew 20% to ₹29 crore compared to ₹24.15 crore in the corresponding quarter of the preceding fiscal. On a quarter-on-quarter (QoQ) basis the company’s PAT grew more than 49% compared to ₹19.44 crore in the December quarter.

The packaging materials producer reported an 11% year-on-year growth in earnings before interest tax depreciation and amortisation (EBITDA) at ₹70.4 crore in Q4FY24 against 63.6 crore in the year-ago quarter. The company’s EBITDA margin improved by 137 bps to 17.6% in the March quarter against 16.2% in the same period of the preceding fiscal.

The company’s revenue from operations for FY24 grew more than 4% to ₹1,512.77 crore compared to ₹1,442.20 crore in the preceding fiscal. The company’s PAT for FY24 dropped over 8% to ₹101.36 crore compared to ₹110.44 crore in FY23.

TCPL’s shares closed ₹2,180 apiece, up 5.22%, on the NSE.

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TCPL Packaging shares surge 7% on strong Q4 profit growth and expansion plans

To trade and invest in TCPL Packaging shares, open a free demat account with Upstox

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