Ace investor Rakesh Jhunjhunwala's portfolio component Ion Exchange on Monday hit its all-time high after the water and environment management firm reported a 237% rise in Q3 net profit. Net profit rose to Rs 26.31 crore in the quarter ended December 2019 against net profit of Rs 7.93 crore in Q3 of previous fiscal. Jhunjhunwala held 8 lakh shares or 6.54% stake in the firm at the end of December quarter.
Jhunjhunwala bought the Ion Exchange stock for first time in December 2007 quarter. He held 2.53% stake or 3,19,000 shares of the firm in the end of December quarter that year. Ion Exchange share price rose 11.04% or 106.5 points to Rs 1,071 compared to the previous close of Rs 964.50 on BSE.
Share price of Ion Exchange has gained 9% in last two days. The small cap stock opened 3.68% higer at Rs 1,000 on BSE. Ion Exchange stock has gained 170.37% during the last one year and risen 31.33% since the beginning of this year.
In last one week, the stock has gained 11.50% on BSE.
Meanwhile, stock price of the firm's closest competitor VA Tech Wabag rose up to 2.47% at Rs 223.75 against previous close of Rs 218.35 on BSE.
VA Tech Wabag share price has gained 20.51% since the beginning of this year and fallen 24.67% during last one year.
In Q3 of current fiscal, Ion Exchange reported a 53.93% rise in total income to Rs 405.81 crore compared to Rs 263.64 crore total income in corresponding quarter of previous fiscal.
Earnings per share gained 227.99% to Rs 22.50 in Q3 of current fiscal compared to Rs 6.86 in corresponding quarter of previous fiscal. Of late, Ion Exchange has reported stellar numbers in terms of financial performance.
The firm reported a 127.24% rise in net profit to Rs 25.36 crore for the quarter ended September against Rs 11.16 crore profit in the corresponding quarter of previous fiscal. Earnings per share rose 127% to Rs 22.19 in Q2 of current fiscal against Rs 9.78 in September quarter of last fiscal.
During the first half of current fiscal, the firm clocked 82.27% rise in net profit to Rs 39.06 crore against Rs 21.43 crore profit in the same period of previous fiscal. Total income for six months ended September 2019 rose 50.03% to Rs 747.39 crore compared to Rs 498.16 crore total income in the corresponding period of previous fiscal.
By Aseem Thapliyal