GNA Axles shares rose 7% intraday on May 4 after the company announced solid financials for the quarter ending March 2023.

The auto parts maker reported an 88% jump in net profit to Rs 34 crore, compared to the Rs 18 crore reported in March 2022. Net sales stood at Rs 384 crore, an increase of 28% from Rs 300 crore reported in the preceding quarter.

EBITDA for the March 2023 quarter stood at Rs 60 crore, an increase of 51% from Rs 40 crore in March 2022.

“Reported Q4FY23 results were in line with expectations, while EBITDA margin was 15.4%, close to our estimate of 15.5%, and RPAT was Rs 340 crore versus our estimate of Rs 345 crore,” said brokerage Sharekhan, who has maintained its “buy” rating with a revised target price of Rs 946.

The company expects revenue growth of 8-9% in FY24 and aims to maintain an EBITDA margin of 14.5-15%.

The company’s market capitalisation has increased 59% in the past year and 17% in the past six months.

The stock traded 2.97% higher at Rs 781.60 on the NSE at 12:33 pm, while the benchmark Nifty traded 0.44% higher at 18,168.80.