The share price of Praj Industries soared 11 percent on Friday to hit its 52-week high after the company's net profit more than doubled in the March quarter. It reported a 109 percent rise in its consolidated profit after tax (PAT) at Rs 52 crore for the quarter ended March 2021 versus Rs 24.86 crore in the year-ago period.
The stock surged 11.3 percent to hit a new 52-week high of Rs 276.80 per share on the BSE. The stock has delivered over 425 percent return in the last one year and doubled in the last three months.
Income from operations for the industrial biotechnology company grew 91.40 percent to Rs 567.1 crore in Q4 as against Rs 296.29 crore in the year-ago period.
"We are delighted to report a robust performance in the fourth quarter to close FY21 on a strong note. Activity levels have remained positively elevated with continued traction in inquiries across several business verticals including some significant order wins," said Shishir Joshipura, CEO and Managing Director, Praj Industries.
For FY21, the company's consolidated PAT increased 15.10 percent to Rs 81.07 crore as against Rs 70.43 crore in FY20. Income from operations was also up 18.35 percent to Rs 1,304.67 crore from Rs 1,102.37 crore in FY20.
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