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Va Tech Wabag share climbs over 5% after Q1 results

BusinessToday.In     September 16, 2020

Va Tech Wabag share price rose over 5% after the company reported a 687.5% rise in net profit to Rs 5.04 crore in the quarter ended June 30 compared to Q1FY20, when it logged Rs 0.64 crore profit.

Consolidated net revenue in Q1FY21 stood at Rs 430.87 crore in Q1 June 2020, which declined by 5.62% YoY from Rs 456.53 crore in Q1 June 2019.

Following the result updates, Va Tech Wabag stock touched an intraday high of Rs 219.9, rising 5.59% against its last close of Rs 208.25. The stock also touched an intraday low of Rs 208.30, also its opening price for the session.

VA Tech Wabag stock price stands higher than 5, 20, 50, 100 and 200-day moving averages. The stock has risen 190.54% from its 52-week low of Rs 73 hit on 7 April 2020. Va Tech Wabag stock has been gaining for the last 3 days and has risen 11.33% returns in the period.

The stock has risen 15% in one week, 60% in one month and 19% year-to-date. Market capitalisation of the firm stood at Rs 1,192 crore.

Company's EBITDA stood at Rs 28.9 crore in Q1FY21 that decreased by 22.95% YoY from Rs 37.51 crore in Q1FY20, while EBITDA margin as of Q1FY21 was at 6.71%, falling 1.51% YoY against the same quarter previous year.    

Commenting on the Q1 results, Rajiv Mittal, the managing director of Va Tech Wabag, has said: "In a quarter marred by the COVID pandemic, Wabag contributed its share to ensure water security and we are extremely proud of our COVID warriors for the same. We are now in the phase of progressive resumption of site activities to achieve full capacity at the earliest. I am also happy to note that in this tough economic environment we have been able to secure a major order of 48 million USD towards building a 300 MLD STP at Jeddah, KSA, further strengthening our growing presence in the Middle East."

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