MTAR Technologies shares hit 52-week high ahead of Q4 earnings

Shares of MTAR Technologies Ltd rose to a fresh 52-week high ahead of the firm’s Q4 and annual earnings set to be announced today. MTAR Technologies stock rose 5.42% to Rs 2,000.75 against the previous close of Rs 1897.80 on BSE. The midcap stock has gained 39.18% in a year and risen 23.77% in 2023.

Total 0.38 lakh shares of the firm changed hands amounting to a turnover of Rs 7.44 crore on BSE. Market cap of the firm rose to Rs 6,133 crore on BSE.

The stock hit a 52-week low of Rs 1211.85 on July 4, 2022.

In terms of technicals, the relative strength index (RSI) of MTAR Technologies stock stands at 67.4, signaling it's trading neither in the overbought nor in the oversold zone. MTAR Technologies shares have a beta of 0.9, indicating low volatility in a year. MTAR Technologies shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

In the December quarter, the firm reported a 136.29% rise in profit to Rs 31.45 crore against Rs 13.31 crore in the corresponding quarter of previous fiscal. Sales zoomed 105.08% to Rs 160.17 crore in the December 2022 quarter against Rs 78.10 crore in the December quarter of 2021.

Operating profit zoomed 97.46% to Rs 45.04 crore for the quarter ended December 2022 against Rs 22.81 crore in the corresponding quarter of the previous fiscal.

On a quarter-on-quarter basis, the firm reported a 27.38% rise in net profit from Rs 24.69 crore in the September 2022 quarter. Sales climbed 26.94% in Q3 from Rs 126.18 crore in Q2 of the last fiscal.

On an annual basis, net profit zoomed 32.14% to Rs 60.87 crore for the fiscal ended March 2023 against Rs 46.08 crore for the fiscal ended March 2022. Sales climbed 30.67% to Rs 322.01 crore in the March 2023 fiscal against Rs 246.43 crore for the fiscal ended March 2022.

MTAR Technologies is a leading precision-engineering solutions company, engaged in manufacturing mission-critical precision components.

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