Kirloskar Industries share price rose almost 20% today after the company posted better than expected earnings for the quarter ended March 2020.
The company reported 106.87% rise in its net profit at Rs 38.85 crore for the quarter ended March 2020 as against profit of Rs 18.78 crore during the corresponding period last year.
Company's total income fell 13.8% (YoY) to Rs 479.81 crore in the January-March quarter of the current fiscal compared to Rs 556.73 crore in the year-ago period.
Kirloskar Industries share price opened with a gain of 2.97% today and later touched an intraday high of Rs 666.5, rising 19.99% on BSE, after reporting earnings. The stock has traded in a wide range of Rs 112 today.
Kirloskar Industries shares are trading higher than its 5, 20, 50, 100 and 200-day moving averages. The stock has risen 23% in one week, 38% in one month and 8.9 since the beginning of the year.
For the year, the company's net profit grew 14.05% YoY to Rs 95.89 crore in FY2020 as against Rs 84.08 crore during FY2019. Company's sales for the year 2020 fell by 13.89% YoY to Rs 1,885.98 crore in March quarter of the year 2020 as compared to Rs 2,190.26 crore during the previous year ended March 2019
Company board has also recommended interim dividend of Rs 10 per equity share of face value of Rs 10 each.
Shares of Kirloskar Industries closed 19.99% higher at Rs 666.50, its day's high.