The shares of the automotive parts manufacturing company jumped 2 percent after announcing strong quarterly results. In six months, the shares have delivered more than 50 percent returns to its stakeholders.
With a market capitalization of Rs. 758 crores, the shares of Hi-Tech Gears Ltd opened on a higher note at Rs. 408 compared to its previous close at Rs. 404. The share hit an intraday high at Rs. 418, gaining around 2 percent, and closed its day at Rs. 413.80 apiece.
Such a positive movement was observed after the company announced its June- September results. The company revenue increased by 7.6 percent from Rs. 263.5 crores in the June quarter to Rs. 283.6 crores in the September quarter. In addition, the net profit increased by 676 percent From Rs. 9.3 crores to Rs. 72.2 crores during the same period.
Comparing these metrics on a YoY basis, the revenue decreased by 9.6 percent from Rs. 313.8 crores during Q2 FY22 to Rs. 283.6 crores in Q2 FY24. On a contrasting note, the net profit magnified by 1,962 percent from Rs. 3.5 crores to Rs. 72.2 crores during the same timeframe.
Looking at the important financial ratios, the return on equity was shifted from negative 0.34 percent in FY 21-22 to a positive 6.75 percent during FY 22-23 and the return on capital employed increased from 4.82 percent to 8.32 percent during the same time horizon,
According to the latest shareholding pattern, Promoters have a 56.62 percent stake in the company, the Public has 43.07 percent of holdings, and FIIs, and DIIs have 0.02 percent shares each in the company.
Headquartered in Gurugram, Hi-Tech Gears Ltd was incorporated in the year 1986. The company spans a spectrum of products and services including transmission and engine components, driveline components, engineering design services, and advanced technology-enabled products and services.
Written By Vaibhav Patil
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