Shares of WPIL hit a fresh high of Rs 3,076 in intraday trade on Wednesday, up 5% on the BSE, extending gains over the past two months after the company announced its results for the quarter ended March 2023 (Q4FY23).

Shares of the industrial products company surpassed the previous high of Rs 3,000 hit on May 15, 2023. The stock has surged 171% in the past four months from Rs 1,178 on January 24. So far this month through May, it has risen 15%. In February, it rose 66%, followed by gains of 27% in March and 11% in April.

WPIL is engaged in the manufacture and sale of different types of pumps, spare parts and accessories, and executes water supply projects on a turnkey basis for industrial units, power companies, irrigation departments, etc. WPIL has two operational manufacturing units in Kolkata, one unit in Ghaziabad, Uttar Pradesh and two units in Maharashtra.

For the January-March quarter (Q4FY23), WPIL reported strong growth of 30.8% year-on-year in its consolidated profit after tax to Rs 79.4 crore. Operating income rose 35.8% year-on-year to Rs 574 crore. However, the Ebitda margin was flat at 20.75%.

Strong revenue growth was driven by international business and turnkey business. Standalone revenue almost doubled from Rs 530 crore to Rs 1,002 crore. Stable commodity prices supported strong margin performance across its businesses, the company said.

“International business is driven by strong performance in infrastructure development in the MENA region. Continued focus on Jal Jeevan Mission and AMRUT 2 bodes well for new contracts in the medium term. The outlook for the European nuclear business is extremely encouraging for Rutschi’s business,” the company said in its earnings report.

As of March 31, 2023, the company said its domestic order book stands at Rs 3,955 crore and international order book stands at Rs 661 crore.