MARKETS

Gravita India Surges 8% to Record High After Strong Q3 Results

Gravita India continues to perform well in Q3FY23.

Shares of Gravita India rose 8% to hit a record high of Rs 496.55 in intraday trade on Tuesday after the company posted a 28% year-on-year profit after tax to Rs 50.20 crore for the quarter, supported by healthy revenue growth as of December (Q3FY23).

Meanwhile, the company’s revenue rose 42% year-on-year to Rs 789 crore in the quarter. Ebitda rose 31% to Rs 70.91 crore from Rs 54.21 crore in Q3FY22. Margins contracted 70 basis points to 6.36% from 7.06% a year earlier.

Meanwhile, shares of Gravita India have soared 24% over the past month, outperforming the broader market. The S&P BSE Sensex has gained 2% over the period. Over the past six months, it has gained 85%, compared with a 9% gain for the benchmark index.

Gravita India recycles lead acid batteries, lead scrap, aluminium, plastic, and rubber. The company smelts waste lead batteries/lead concentrates on producing recycled lead metal, which is further transformed into value-added products such as pure lead, special lead alloys, lead oxide (low-oxide lead, red lead, lead-lead) and leads plates, lead powder, Lead shot etc.

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