TVS Srichakra jumps on 51% rise in Q4 net

NEW DELHI: Shares of TVS Srichakra ended with gains of 0.45 per cent in trade on Thursday after the company reported a 51.16 per cent jump in net profit to Rs 51.44 crore for the March quarter.

The firm had reported a net profit of Rs 34.03 crore in the corresponding quarter of last year.

The company said its sales for the quarter grew 12.96 per cent to Rs 520.61 crore for the fourth quarter, compared with Rs 460.87 crore in the year-ago quarter.

Following the announcement, the stock rose 3.38 per cent to hit a high of Rs 2,552.55 on BSE. Volume for the low-liquid counter climbed. A total of 3,380 shares got changed hands so far, compared with a two-week average of 1,076 shares.

Angel Broking has a buy rating on the stock with a target of Rs 3,217.

For the full year, the company reported 90.01 per cent rise in net profit to Rs 197.21 crore in FY16 against Rs 103.79 crore in the previous year. Sales were up 8.60 per cent to Rs 2,043.24 crore in FY16 against Rs 1,881.45 crore in the previous year.