- 19 Jan 2024
- ICICI Securities
REPORTS HEALTHY PERFORMANCE IN Q3FY24
RKFORGE - 614 Change: -1.90 (-0.31 %)News: The company reported healthy performance for the quarter. Consolidated sales for Q3FY24 stood at ₹1058 crores, up 8% on QoQ basis and 36% on YoY basis with EBITDA coming at ₹225 crores with margins at 21.2% up 50 bps QoQ. Consequently, PAT stood at ₹87 crores, up 6% QoQ and 42% YoY.
Views: Sales volume for the quarter came in at 41.6k tonne which represents a growth of 7% on QoQ basis and 25% on YoY basis with corresponding EBITDA/tonne at ~₹54k/t beating our FY24E estimates. Company has been winning big on the export front and is already executing growth capex on this front. In the recent development it had also raised ~₹1,000 crore as equity via QIP route at a price of ₹614/share. Company’s stock price however has had a recent run-up i.e., up 3x over the past one year and now trades a tad expensive at ~25x PE on FY25E with return ratios in FY25E pegged at ~20%.
Impact: Neutral