Anup Engineering stock hits 52-week high after posting a remarkable 68% surge in PAT

Anup Engineering which is into production of heat exchanges, reactors and other engineering products hit 52-week high today at Rs 2570.55 amid strong financial results for the second quarter of FY24 and half-year results. On a consolidated basis, in Q2FY24 the company recorded a robust financial performance with a 68.11% year-on-year increase in net profit, reaching Rs 21.72 crore compared to Rs 12.92 crore in the corresponding quarter of the previous year. During the second quarter of FY24, the company’s total net revenue showed an increase of 39.72% from Rs 101.21 crore to Rs 141.41 crore compared to the same quarter in the preceding year.

Sequentially, the net profit for the quarter ending on September 30, 2023, showed an increase of 17.02% from Rs 18.56 crore. However, in Q2FY24, the company’s total net revenue registered an increase of 12.50% compared to the previous quarter, settling at Rs 125.70 crore. For the half-year results, revenue from operations stands at Rs 265.1 crore, up from Rs 152.7 crore, representing a growth of 73.5%. EBITDA stands at Rs 59.4 crore, showing a growth of 22.4%. Meanwhile, the PAT for the period stands at Rs 40.3 crore compared to Rs 18.1 crore indicating a growth of 15.2%.

For the quarterly outlook, the company’s order book as of September 30, 2023, stands at Rs 629.5 crore. Of this total, Heat Exchanger shares account for 63% at Rs 395 crore, while Reactor/Vessels hold a 33% share with Rs 209 crore, with the remaining portion allocated to other products. The company has successfully made its first dispatch from the new Kheda plant, which was delivered on time. The preponement of a capital expenditure (capex) of approximately Rs 15 crore, initially planned for FY24 for the extension of the PS Bay at Kheda, is now scheduled for commissioning in Q1 FY25. This expansion will provide two complete bays for manufacturing at Kheda.

Yesterday the script was closed at Rs 2,460.65. Today, it opened at Rs 2,510 and currently it is trading at Rs 2502.50, up by 1.70%. The shares of the company hit a fresh 52-week high at Rs 2570.55 and it has a 52-week low at Rs 812.90. The company currently commands a market capitalization of approximately Rs 2480 crore, with shares having generated a one-year multibagger return of 191.28%.

Anup Engineering Limited caters to a wide range of process industries including Oil & Gas, Petrochemicals, LNG, Hydrogen, Fertilizers, Chemicals/ Pharmaceuticals, Power, Water, Paper & Pulp and Aerospace with its extensive product range of Heat Exchangers, Reactors, Pressure Vessels, Columns & Towers, Industrial Centrifuges & Formed Components.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.