The shares of India’s largest manufacturer of pistons and engine valves gained 5 percent to Rs 1,054.80 a share after the company announced Strong Q2 results.
At 11:10 a.m., Shriram Pistons & Rings Ltd shares were quoted at Rs 1,051 a share, up 4.62 percent from the previous close price.
Shriram Pistons & Rings Ltd reported a 16.5 percent increase in revenue year on year, from Rs 664 crore in Q2FY23 to Rs 774 crore in Q2FY24. During the same period, net profit increased by 57 percent from Rs 72 crore to Rs 113 crore.
In comparison to the previous quarter, operational revenue increased by 5.3 percent from Rs 735 crore in Q1FY24 to Rs 774 crore in Q2FY24, Further net profit has increased by 11 percent from Rs 101 crore to Rs 113 crore. According to the company’s exchange filing.
The Company’s return on equity increased from 13.13 percent in FY22 to 19.33 percent in FY23, while the return on capital employed rose from 16.86 percent to 23.21 percent during the same period.
Shriram Pistons & Rings shares have gained 69 percent in the last six months and a multibagger return of 121 percent in a year. A shareholder investment of Rs 1 lakh in the company would be worth Rs 2.21 lakh in the year.
According to the recent shareholding pattern, the company promoters hold a 46.75 percent stake in the company, while Domestic Institutional Investors hold a 9.29 percent stake. And retail investors have a 43.88 percent stake in the company.
Shriram Pistons & Rings Ltd is primarily engaged in the business of manufacturing of pistons, piston pins, piston rings, and engine valves for various automotive companies in the domestic and export markets.
Written by Omkar Chitnis
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