Lloyds Metals hits new high on robust Q3 results; stock up 67% in 2 months

Shares of Lloyds Metals and Energy rallied 5 per cent to hit a new high of Rs 289.95 in Monday’s intra-day trade, after the company reported a robust set of earnings. The company recorded its highest ever quarterly revenues of Rs 1,029 crore in the December quarter (Q3FY23) from Rs 171 crore in Q3FY22.

The company said that the revenue growth in Q3FY23 was driven by volume and price growth in both sponge iron and iron ore. However, with 30 per cent larger volumes, iron ore took the lead in momentum.

Besides, the company posted consolidated profit after