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Published on 6/08/2019 1:58:43 PM | Source: Dion Global Solutions Ltd

Mangalam Cement stock zooms 20% on robust June quarter results

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Shares of Mangalam Cement were locked in the upper circuit limit of 20 per cent on Monday at the Bombay Stock Exchange after the company reported a record quarterly net profit of Rs 33 crore for June quarter (Q1FY20). The company had posted a net loss of Rs 15 crore in the year-ago quarter. Operational revenue during the quarter jumped 31 per cent to Rs 333 crore against Rs 255 crore registered in the corresponding quarter of the previous fiscal.

EBITDA (earnings before interest, tax, depreciation and amortisation) margin improved substantially to 20.4 per cent in Q1FY20 from 1.9 per cent in the corresponding quarter of the previous fiscal. Buoyed by the development, shares of the company surged as much as 20 per cent in the intra-day trade at Rs 263.25 a piece on BSE. On NSE, the shares of the company were trading at Rs 267.05 apiece, up by 20 per cent. Meanwhile, the BSE Sensex was at 37,017.82, up by 317.98 points or 0.87 per cent at 13:13 hours.