AGC Networks hits 20-month high on robust Q1 results

Shares of AGC Networks surged around 20 per cent to hit a 20 month high on Tuesday. The stock rally is backed by solid numbers in June quarter this fiscal year.

For Q1FY20, AGC reported a whopping 134.6 per cent growth in its net profit at Rs. 13.56 crore against a loss of Rs. 98.02 crore in Q1FY19. Q1FY20 profit was also higher than profit of Rs. 6.28 crore in Q4FY19. Bottom line number was driven by strong growth in top line and operational performance.

Revenue from operations surged by 552 per cent to Rs. 1,227.87 crore yoy, although it was lower by 0.4 percent qoq. The company’s EBITDA rose sharply to Rs. 72.95 crore in Q1, compared to Rs. 8.60 crore in the same period last year and Rs. 12.03 crore in the March quarter last year.

It must be noted that the Q1FY19 numbers did not take in results of Black Box Corporation & its subsidiaries and COPC Holdings Inc. and subsidiaries that were acquired in January 2019.

The stock has climbed around 73 percent in last three sessions. AGC shares have zoomed more than 22 per cent over the last year.

On Tuesday, the stock of AGC Networks opened at Rs. 109.55 per share and made an intraday high and low of Rs. 131.45 and Rs. 115.00, respectively on the BSE. The stock closed at Rs. 129.65 on the BSE.