Shares of NRB Bearings Limited, surged 15 percent on Wednesday to reach an intraday high of ₹ 167.50 apiece from the previous close price of ₹ 145.90, Today’s stock price movement was noticed after the company declared excellent Q4 FY 22-23 results.
The company’s revenue from operations grew by 21% in Q4FY23 to Rs 315 crore from Rs 260 crore in Q4FY22. Furthermore, net profit climbed by 93 % to Rs 33.74 crore from Rs 17.46 crore in the previous year’s quarter.
The company board has recommended a Dividend of Rs. 1 per equity share of face value Rs. 2/- each i.e. 50% for the financial year ending March 31, 2023.
At 12:45 pm, the stock was trading at ₹ 164.30 on the NSE, up 13.86 percent from its previous close.
NRB Bearings Limited is engaged in the manufacturing of ball bearings,roller cages, needle cages, and precision steel balls for vehicles. They serve their products to the automotive industry and agency division and NRB Ltd.-produced bearings are used in more than 90% of the automobiles on Indian roads.
The company’s operating revenue increased 19 percent from ₹265 crores in Q3 to ₹315 crores in Q4. Similarly, the net profits of the company during the same period, increased by 44 percent, from ₹ 23.45 crore to ₹ 33.74 crore.
On a YoY comparison of the metrics, the revenues increased from ₹956 crores during FY 21-22 to ₹1,081 crores in FY 22-23. The PAT numbers have shifted upwards within the timeframe mentioned, from ₹ 75.61 crores to ₹ 94.92 crores and the company has a market capitalization of Rs 1616 Crores.
The stock has increased by approximately 33.83 percent in the last year, from 123.10 to the current level.
According to the shareholding pattern, promoters of the company hold a 50.11 percent stake, and Foreign institutional investors (FIIs) hold a 21.29 percent stake in the company for FY 22-23.
Written by Omkar C
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