HG Infra Engineering Ltd. shares rallied for a third day on Friday to hit a 52-week high after the company sounded bullish on order inflows in the coming months following a record allocation in the Union Budget for the infrastructure sector.
The stock gained 8 percent at Rs 743 on BSE in morning trade as the trading volume jumped nearly four times. HG Infra shares were up over four percent on Thursday following impressive financial results for the December quarter.
The company management in an analyst call said that it expects a significant flow in orders in the road and railways sectors in the coming months following a higher allocation for the infrastructure segment in the Union Budget for 2023-24.
The company posted a 30 percent growth in profit after tax (PAT) at Rs 130.9 crore in the December quarter from Rs 100.6 crore in the same period a year ago.
The leading engineering, procurement and construction company’s revenue increased 23.7 percent to Rs 1,185 crore in the December quarter of FY23 from Rs 958.3 crore in the year-ago quarter.
The company’s Earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at Rs 238.3 crore in Q3FY23, 28.7 percent higher than Rs 185.1 crore reported in the same quarter a year ago. EBITDA margins also improved to 20.1 percent in Q3FY23 from 19.3 percent in the corresponding period of last financial year.
The company has an order book of Rs 11,063.9 crore as of December 2022.
HG Infra Engineering Ltd shares were trading at Rs 737.45 apiece, up 7.23 percent, on BSE at 12.03 PM.
