Igarshi Motors India has frozen upper circuit of 20% at Rs 61.70 after reporting almost six-fold jump in net profit at Rs 6.62 crore for the fourth quarter ended March 2012, due to higher income from operations and lower interest cost. The auto parts and equipment maker had a net profit of Rs 1.17 crore in previous year quarter.
Net sales of the company under quarter review grew by 43% at Rs 74.38 crore, while interest cost declined by 26% at Rs 1.96 crore on year-on-year basis. The profit margins improved by more than 400 basis points during the recently concluded quarter.
As many as a combined 80,591 shares have already changed hands on the counter in opening deals, against an average sub 25,000 shares that were traded daily in past two weeks. There are pending buy orders for 35,650 shares on the NSE and BSE.
