The share price of the three-wheeler manufacturer tumbled after brokerages say that the stock price has already run way ahead of its target prices and the company’s valuation might be expensive.
As per the regulatory filing, Quess Corp, which is backed by Canadian billionaire Prem Watsa, will demerge into Quess Corp Ltd, Digitide Solutions Ltd, and Bluspring Enterprises Ltd.
In the December quarter, the company reported a 16.8% YoY jump in sales to ₹4,340.4 crore on the back of strong volume growth in the wires and cables business.
The company reported a 69.4% increase in its net profit to ₹740.8 crore in the September period of FY24, as against ₹437.3 crore in the same period last year.
The company bagged an order worth ₹1,617 crore from the railway ministry for 4,000 BOXNS wagons.
The Ahmedabad metro rail phase-II Project is being implemented by GMRC at a cost of ₹13,500 crore.
In the September quarter, the company's revenue from operations stood at ₹9,797 crore, up 12% year-on-year (YoY), as against ₹8,751 crore in the corresponding period of the previous year.
During the quarter under review, the revenue from operations stood at ₹10,777 crore, up 6%, as against ₹10,203 crore in the corresponding period of the previous year.
The delivery volumes declined from 4.91 million tons in Q2 last year to 4.82 million tons in the September quarter this year.
In FY23, the bank’s net profit declined by 32.73% to ₹717 crore, as against ₹1,066 crore in FY22.
