Multibagger auto parts stock in news today on share buyback, Q1 earnings 

Suprajit Engineering stock is in news today after the multibagger firm announced a buyback of shares at a premium of 38% to the closing price of Wednesday. The multibagger stock has gained 251% in five years and gained 389% in ten years. The buyback price has been fixed at Rs 750 per share. Suprajit Engineering also announced its June quarter results. The company said it would buy back up to 15 lakh fully paid-up shares having a face value of Rs 1 each. The buyback size amounts to 1.08% of the company's total equity.

The company first announced its buyback of shares in 2021. 

The buyback will be carried out via the tender offer route and will involve a total consideration of Rs 112.5 crore.

The company has fixed August 27, 2024 as the record date for the share buyback.

A tender offer share buyback means that the company will have to repurchase shares at the pre-determined price without any variation.

The company reported a 15.16% rise in net profit to Rs 38.14 crore for the quarter ended June 2024 against Rs 33.12 crore during the quarter ended June 2023.

Sales rose 8.12% to Rs 734.86 crore in the quarter ended June 2024 against Rs 679.68 crore on a year on year basis.

Earnings per share in the last quarter stood at Rs 2.75 against Rs 2.39 in the June 2023 quarter.

Suprajit’s India business grew at 13%, and consolidated revenue grew by 8.1%. The standalone EBITDA grew by 9.5% while consolidated EBITDA grew by 16.1%.

Suprajit is India’s largest automotive cable and halogen bulb maker with an annual global capacity of 400 Million cables and 110 Million halogen bulbs. Suprajit’s customers list includes a large number of global automotive majors. Suprajit group has footprints in four continents with multiple plants, tech centers and warehouses.