GMM Group's manufacturing facility at Ahmedabad, Gujarat.
Shares of GMM Pfaudler
rallied 14 per cent to hit an all-time high of Rs 3,525 on the BSE on Monday on the back of heavy volumes. The stock surpassed its previous high of Rs 3,461, touched on February 19, 2020.
is a leading supplier of process equipment to the pharmaceutical and chemical industry segments. In the past one week, the stock has rallied 29 per cent, as compared to a 3 per cent rise in the S&P BSE Sensex. It has zoomed 85 per cent from Rs 1,907 touched on March 19, 2020.
The company’s order book continues to remain healthy on the back of strong demand from the chemical and pharmaceutical sectors. The management, while announcing December quarter results on January 23, had said that the company will selectively add capacity looking at the robust demand environment.
The company had reported a strong 60 per cent year-on-year (YoY) jump in its consolidated net profit at Rs 59.5 crore for the nine month ended December 2019 (9MFY20). It had a profit of Rs 37.3 crore during the same period a year-ago. Operating revenue increased by 26 per cent to Rs 459 crore from Rs 363 crore in the corresponding quarter of the previous fiscal. Earnings before interest, tax, depreciation, and amortisation (Ebitda) improved by 300 basis points (bps) to 19 per cent versus 16 per cent in 9MFY19.
has diversified its product portfolio to include mixing systems, filtration & Drying equipment, engineered systems and heavy engineering equipment.
At 11:01 am, the stock was up 10 per cent at Rs 3,418 on the BSE, against 0.80 per cent rise in the S&P BSE Sensex. The trading volumes on the counter more than doubled as around 83,000 shares changed hands on the NSE and BSE.