Gravita India surges 8% to hit record high after strong Q3 results

Analysts at ICRA believe that the company's credit profile is likely to improve in the near term, supported by higher share of value-added products and healthy volumetric growth

Shares of Gravita India rallied 8 per cent to hit a record high of Rs 496.55 in Tuesday’s intra-day trade, after the company reported 28 per cent year-on-year (YoY) jump in profit after tax at Rs 50.20 crore for the quarter ended December (Q3FY23), on the back of healthy topline growth.

The company’s revenue, meanwhile, grew 42 per cent YoY to Rs 789 crore during the quarter. Earnings before interest, taxes, depreciation, and amortization (ebitda), too, rose 31 per cent to Rs 70.91 crore from Rs 54.21 crore in Q3FY22. However, margin contracted 70 bps to 6.36 per cent