Shares of Action Construction Equipment Ltd gained over 5 percent in intra-day trade on Thursday to hit a fresh 52-week high. Shares of Action Construction Equipment hit a high of Rs 384.80 on BSE around 2:15 PM before paring some of its gains.

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Shares closed 4.71 percent higher at Rs 379 apiece on BSE. The company has given a return of over 17 percent in the past one week. Over the past year-long period, Action Construction Equipment shares have given returns of over 69 percent.

The company reported net sales of Rs 556.33 crore for the quarter ending in December 2022, an increase of 27.43 percent from net sales of Rs 436.58 crore in the corresponding quarter of the previous financial year. Net Profit also jumped by 69.87 percent year-on-year (YoY) to Rs 46.49 crore in Q3FY23 compared to Rs 27.37 crore in Q3FY22.

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In terms of operations, the company reported its EBITDA at Rs 69.54 crore for Q3FY23. EBITDA increased by 57.01 percent YoY from Rs 44.29 crore in Q3FY22.

The company told analysts that utilisation levels have gone up and as result was predicting to see solid growth over the next few quarters. Management stated that the company would see a 28-30 percent growth in revenue in FY23 and that it was targeting a 15-20 percent growth in revenue for FY24.

Action Construction Equipment stated that it expects exports to be upwards of Rs 100 crore in FY23. In terms of the company’s financial health, management stated that the company has between Rs 290-300 crore of cash on books at the moment with negligible levels of doubt to account for.

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(Edited by : Anshul)

First Published:Feb 9, 2023 4:49 PM IST