Tega Industries freezes at 10% upper circuit on strong Q4 results

Thus far in the calendar year, the stock has zoomed 56 per cent, as compared to 2.3 per cent rise in the S&P BSE Sensex.

Tega Industries IPO subscribed 4.7 times on Day-1 on retail interest

SI Reporter Mumbai

Listen to This Article

Shares of Tega Industries were locked at the 10 per cent upper circuit at Rs 899.85 on the BSE in Wednesday’s intra-day trade in an otherwise weak market after the company reported 58.1 per cent year-on-year (YoY) jump in its consolidated net profit at Rs 77.30 crore, on strong operational performance.

The company’s consolidated revenues grew 36.7 per cent YoY to Rs 396.4 crore. Absolute earnings before interest, taxes, depreciation and amortization (EBITDA) came at Rs 102.8 crore, grew by 49.1 per cent YoY with EBITDA margins expanded by 217 bps YoY to 25.9 per cent.

With the new acquisition of McNally Sayaji, Tega industries is expected to yield a 15-20 per cent growth for the next few years, along with a revenue growth by 5 per cent. The move is expected to bolster Tega's offerings in the material handling space, in line with the company's strategy of backward integration, according to ICICI Securities.

Also Read

Tega Industries rallies 8%, hits 52-week high on strong growth prospects

Nalwa Steel & Power, two others submit resolution plans for McNally Bharat

Bank stocks can slide more; stay away for now: Analysts

No SVB-like scenario in India; banks are on a strong footing, say analysts

YES Bank share price flat as SBI's three-year lock-in period ends this week

Jindal Saw soars 9%, hits new high in a weak market on healthy biz outlook

Campus Activewear extends fall; slips 12% in two days on weak Q4 results

As Nifty Pvt Bank index sets new peak; Here's how to trade banking stocks

Corporate earnings growth to drive the next leg of market rally: Analysts

Indo Count hits 52-week high, up 10% on healthy Q4 operational performance

Tega plans to expand their manufacturing capacity and capabilities, both in India and overseas. Further, evaluating the growth trajectory in South America (which contribute 40 per cent of the global copper production and 8 per cent of the global gold production output) and to extend their access and penetration with customers across Chile, Peru and Bolivia, they plan to set up a new manufacturing facility in Chile. Currently the capacity is 5,000 tons in Chile which will go up ~10,000 tons by Q1FY25 with capex of ~$20mn, the brokerage firm said.

Tega Industries is a leading manufacturer & distributor of specialized ‘critical to operate’ & recurring consumable products. The company caters to global mineral beneficiation, mining & bulk solids handling industry.

Thus far in the calendar year, the stock has zoomed 56 per cent, as compared to 2.3 per cent rise in the S&P BSE Sensex. Till 03:09 PM; a combined around 960,000 shares had changed hands and there were pending buy orders for 23,000 shares on the NSE and BSE.

First Published: May 31 2023 | 3:19 PM IST

Explore News