Automotive Axles hits record high, up 9% post solid earnings performance in Q2
Automotive Axles shares touched a record high of Rs 1,047, rising more than 9 percent intraday Wednesday after solid earnings growth performance for quarter ended September 2017.
Profit for the quarter more than doubled to Rs 20.4 crore in Q2, against Rs 9.7 crore in year-ago, driven by revenue as well as operational growth.
Revenue in Q2 increased sharply by 53.5 percent to Rs 349.6 crore, from Rs 228.1 crore in corresponding quarter.
EBITDA (earnings before interest, tax, depreciation and amortisation) spiked 62.1 percent to Rs 39.24 crore from Rs 24.20 crore and margin expanded to 11.2 percent from 10.6 percent on year-on-year basis.
Established in 1981, Automotive Axles is a joint venture of Kalyani Group and Meritor Inc., USA. It manufactures drive axles, non-drive axles, front steer axles, specialty & defence axles and drum & disc brakes, and provides these products to major domestic and global manufacturers of trucks & buses.
At 14:00 hours IST, the stock price was quoting at Rs 1,025.00, up Rs 67.95, or 7.10 percent amid high volumes on the BSE.