Fag Bearings India has surged 6% to Rs 1,320 after reporting 45% year-on-year (y-o-y) growth in net profit at Rs 45.41 crore for the third quarter ended September, compared to Rs 31.44 crore in the corresponding quarter of the previous year. Net sales grew 22% at Rs 331 crore on a y-o-y basis.
The profit margins have improved by more than 200 basis points each during the recently concluded quarter. Operating profit margins increased to 22% (19%) and net profit margins to 14% (12%).
Meanwhile, the industrial machinery company has surpassed its entire previous year's net profit of Rs 122 crore in the first nine months of the current calendar year. The company reported a net profit of Rs 133 crore for January-September 2011.
The stock opened at Rs 1,285 and touched a high of Rs 1,350 on the National Stock Exchange. A total of 9,363 equity shares have changed hands till 1110 hours on both the exchanges.
