Aegis Logistics stock surges 9% to new high after Q4 results, up 23% in 2 sessions
₹775.20 apiece after the company posted strong results for the quarter ended March 2024 (Q4FY24). This is the second straight session when the stock has hit a record high.
In these 2 sessions, the stock has jumped 23 percent.On Friday, the stock rallied 18.5 percent in intra-day deals to its new high of ₹630.1. It ended the previous session 12.7 percent higher at ₹710.25.
Following this surge, the stock has zoomed 177 percent from its 52-week low of ₹280, hit on November 3, 2023.In the March quarter, the company's profit after tax rose 39.35 percent YoY to ₹196.29 crore as against ₹140.86 crore in the same quarter last year. However, its revenue from operations slipped 17.27 percent YoY to ₹1,837.17 crore in the March 2024 quarter versus ₹2,154.47 crore in the same quarter last fiscal.Meanwhile, the firm reported better-than-expected earnings before interest, tax, depreciation, and amortisation (Ebitda) of ₹310 crore, up 51 percent YoY, mainly aided by strong Ebit growth of 105 percent YoY for the liquids division.The company also recommended a final dividend of 200 percent i.e.
₹2/- per share of the face value of Re1 each for the financial year ended March 31, 2024, subject to approval of members at Annual General Meeting.Furthermore, Aegis Logistics announced an ambitious capex plan for commissioning of 25,000 kilo litre (KL) at Kandla in FY25, the full commissioning of 110,000 KL capacity at JNPT by FY25, 71,000 KL capacity to be operational in FY25, and additional 25,000 KL capacity to be operational in FY25 at Kochi. Moreover, in the gas division, two cryogenic LPG projects at Pipavav and Mangalore are progressing on time and within budget.For the full financial year 2023-24 (FY24), the company's net profit rose
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