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Amber Enterprises stock gains 1% after Q4 net rises 9%

Amber Enterprises stock update: The company's Q4 consolidated net profit grew 9.1 per cent YoY to Rs 108 crore, while revenue rose 7.1 per cent to Rs 3,003 crore in the March 2024 quarter.

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SI Reporter Mumbai

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Amber Enterprises India stock jumped 1.5 per cent to a high of Rs 4,031 after the company announced its Q4 results.

At 11:50 AM, the stock quoted at Rs 4,015, up over 1 per cent on thin volumes of around 129-odd shares on the BSE. 

According to an exchange filing by the company, Amber Enterprises Q4 consolidated net profit rose 9.1 per cent to Rs 108 crore for the quarter ended March 2024 as against Rs 99 crore in the corresponding quarter a year ago. 

Revenue from operations grew by 7.1 per cent year-on-year (YoY) to Rs 3,003 crore from Rs 2,805 crore.

For the full-year ended March 2024, net profit grew by 18 per cent YoY to Rs 164 crore, while income increased by 3 per cent to Rs 6,927 crore. The company's operating EBITDA registered a 9.3 per cent YoY growth for the full-year to Rs 519 crore, resulting in an 80 basis points improvement in operating margins.

This improvement in operating EBITDA was due to a better product mix. However, PAT for the year was affected by higher finance costs and depreciation, Jasbir
Singh, Executive Chairman & CEO and Whole time Director of Amber Enterprises India said.

The company had recently acquired 50 per cent stake in Resojet, a Radiant Group company. The company will invest Rs 35 crore in the JS to set-up an unit to manufacture fully automatic top and front load washing machines.

This joint venture will help us strengthen our Consumer Durables Division, broaden
our footprint beyond RAC, enhance our capabilities, and offer more comprehensive solutions to meet evolving customer needs, deliver high-quality products, and develop the local manufacturing ecosystem in India, Jasbir Singh said in the exchange filing.

That apart, Amber Enterprises had acquired a 60 per cent stake in Ascent Circuits, which has strengthened the EMS portfolio by integrating its current product lineup and expanding customer base, leveraging Ascent's technical expertise.

The Amber group is principally engaged in manufacturing products like air conditioners, electronics and refrigeration solutions to railways, microwave ovens, washing machines, refrigerators, heat exchangers, sheet metal components, HVAC (Heating, Ventilation and Air Conditioning) products and services for mobility applications etc.

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First Published: May 18 2024 | 11:55 AM IST

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