The shares of the consumer durable products manufacturer fell up to 14 percent after the company’s net profit and revenue decreased by 103 percent and 4 percent YoY, respectively in the third quarter.
With a market capitalization of Rs 12,185.00 crore, the shares of Amber Enterprises India Ltd were trading at Rs 3,599.85 per share, decreasing around 13.57 percent as compared to the previous closing price of Rs 4,165.20 apiece.
Looking into the company’s Performance, Amber Enterprises India Ltd’s revenue increased by 39 percent on a quarter-on-quarter basis from Rs. 927.06 crores in Q2FY24 to Rs. 1,294.76 crores in Q3 FY24. Furthermore, revenue decreased by 4 percent year on year from Rs. 1,348.31 crores in Q3FY23 to Rs.1,294.76 crores in Q3FY24.
Amber Enterprises India Ltd’s net loss improves on a quarter-on-quarter basis from Rs.5.65 crores in Q2FY24 to Rs. 0.51 crores in Q3FY24. Further, net profit decreased by 103 percent yearly from a profit of Rs. 15.08 crores in Q3FY23 to a loss of Rs.0.51 crores in Q3FY24.
Amber Group inks MoU with South Korea’s Korea Circuit, a YoungPoong group co. through its recent venture ‘Ascent Circuits’ to manufacture Flex, HDI, and Semiconductor substrates PCBs, fortifying PCB manufacturing in India which helps them to enhance its capability for providing solutions to the Mobile & Semiconductor industry.
The firm has created a strategic agreement with Titagarh Rail Systems to offer integrated solutions for railway subsystems in India and abroad. Additionally, the company plans to invest in Titagarh Firema SPA of Italy.
The company recently acquired the majority stake in Ascent Circuits Private Limited through IL JIN Electronics (India) Private Limited, a material subsidiary of Amber. This acquisition will help Amber increase its local value addition and backward integration into passive components of PCB assemblies for various applications.
Amber Enterprises India Limited manufactures consumer durable items. In India, the company provides solutions to the air conditioner original equipment manufacturer (OEM) and original design manufacturer (ODM) industries.
Written by:- Abhishek Singh
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