Praj Industries share price surged over 8 per cent in early trade on BSE on Friday (May 26) boosted by the company’s strong March quarter scorecard. The stock opened at ₹376.10 against the previous close of 356.80 and jumped over 8 per cent to hit the level of 386.50. The stock hit its 52-week high of ₹461.50 on October 11, 2022. For the year so far, the stock is flat.
In a BSE filing after the market hours on May 25, the biotechnology company said its consolidated profit after tax (PAT) for Q4FY23 stood at ₹88.12 crore, up 53 per cent year-on-year (YoY) versus ₹57.65 crore in Q4 FY22.
Income from operations for the quarter under review stood at ₹1,003.98 crore, up 21 per cent YoY against ₹830.96 crore in Q4 FY22.
The company’s operating EBITDA saw a 38.8 per cent YoY jump to ₹ 108.3 crore while EBITDA margins improved 140 bps YoY to 10.79 per cent in Q4FY23.
Order intake during the quarter stood at ₹1,038 crore.
The board of directors of Praj Industries proposed a final dividend of ₹4.50 per equity share at 225 per cent of the face value of ₹2 per equity share, for the financial year 2023.
“We delivered a healthy and consistent performance throughout FY23 by leveraging our technology edge and strong delivery capabilities. The energy transition and climate action (ETCA) agenda has opened new opportunities for our engineering businesses. Expansion of mobility solutions beyond surface mobility which includes SAF are expanding horizons of opportunity for our business. We are confident of meeting the expectations of all our stakeholders, as we move forward on our sustainable journey,” said Shishir Joshipura, CEO & MD of Praj Industries.
The company said its board has given in-principle approval for the formation of a joint venture (JV) with Indian Oil Corporation (IOCL) for the production of a variety of biofuels. Production of Sustainable Aviation Fuel (SAF) is likely to be the first project out of this JV.
Moreover, it said it joined hands with AirAsia India and IOCL to fly the first commercial flight in India powered by a blend of ‘indigenous’ Sustainable Aviation Fuel (SAF). The SAF blended in the ATF was produced by Praj using indigenous feedstock leveraging its relationship with Gevo, Inc USA.
The company said the IOCL Panipat 2G plant is successfully commissioned and the first ethanol is out. Continuous operations and the reliability enhancement plan are under implementation.
