KEI Industries soars 6% as December quarter earnings beat Street estimates

The company reported a 50% growth in net profit at Rs 72.54 crore on the back of healthy 21% jump in net sales at Rs 1,314 crore during the quarter

Shares of KEI Industries rallied 6 per cent to Rs 551 on the BSE on Tuesday in an otherwise weak market after the company reported better-than-expected growth in Q3 net profit. The cables & wires company's net profit grew 50 per cent year-on-year (YoY) at Rs 72.54 crore in the December quarter (Q3FY20) as compared to a profit of Rs 48.21 crore in the year-ago quarter.

The company's net sales increased by 20.8 per cent to Rs 1,314 crore against Rs 1,088 crore in the corresponding quarter of the previous fiscal. EBITDA (earnings before interest, tax, depreciation, and amortization)