65 per cent dividend: Stellar Q1 results net profit skyrockets 326 per cent to Rs 601 crore; Stock hits 52-week high mark!
During this timeframe, this auto component stock has successfully completed seven acquisitions.
Friday deals concluded on negative end, as both the Sensex and Nifty wrapped up the day with losses of 0.56 per cent and 0.59 per cent, respectively.
Opposing market sentiments, on friday the shares of Samvardhana Motherson International Limited soared 1.95 per cent, the stock hits fresh 52-week high mark of Rs 102.85 per share on BSE. Additionally, the scrip witnessed a massive spurt in volume by more than 4.12 times.
On August 10, 2023, the company announced its Q1FY24 results, details as follows:
Samvardhana Motherson International reported an impressive 326 per cent year-on-year surge in net profit, reaching Rs 601 crore for the first quarter ending on June 30, 2023. In the same period last year, the company recorded a net profit of Rs 141.2 crore.
Total revenue for the review period marked a substantial 27 per cent rise to Rs 22,462 crore compared to Rs 17,655 crore in the corresponding period of the previous fiscal year.
At EBITDA experienced a robust increase of 72.3 per cent, reaching Rs 1,924 crore during the first quarter of the current fiscal year, compared to Rs 1,117 crore in the same period of the prior fiscal. This growth in EBITDA is attributed to improved operational efficiency and a decline in material and energy prices.
Notably, the company's electric vehicles (EVs) revenue demonstrated remarkable growth, increasing by more than Rs 1,600 crore in the Q1 of FY24 (compared to EV revenue of Rs 4,900 crore in FY23).
On the occasion Vivek Chaand Sehgal, chairman of Motherson said, "We are working in close collaboration with our customers, and to better serve them in these challenging times we have closed 7 acquisitions with their support.
We aim to bring innovative solutions, to streamline and solve operational issues. These acquisitions will further increase our value-added content and will provide new growth opportunities for Motherson."
Furthermore, a good news awaits as the company announced final dividend of Rs 0.65 per share.
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The company is mainly engaged in manufacturing and selling components to original equipment manufacturers in the automotive sector.
The stock has witnessed significant buying activity surging more than 70 per cent in the last 1 year.
Keep a close eye on this trending stock.
Disclaimer: The article is for informational purposes only and not investment advice.