Prakash Industries hits 52-week high on robust Q3 results

The stock rallied 9 per cent to Rs 224 in noon deal, after the company reported 5.8 times jump in net profit at Rs 101 crore in Q3FY18 against Rs 17 crore in Q3FY17.

Prakash Industries has moved higher to its fresh 52-week high of Rs 224, up 9 per cent on BSE in noon deal, after the company reported 5.8 times jump in net profit at Rs 1 billion in December quarter (Q3FY18). It had profit of Rs 117 million in Q3FY17.

Prakash Industries primarily engaged in steel business said the growth of profitability was on the back of better sales realisation, higher volumes and major cost savings.

During the quarter under review, the company’s turnover grew 55 per cent at Rs 7.26 billion against Rs 4.69 billion in the corresponding