Suprajit Engineering’s shares jumped over 5% on August 16, driven by the company’s announcement of a significant share buyback and impressive first-quarter results for the fiscal year.
Buyback Announcement:
- Buyback Price: ₹750 per share
- Premium: 38% above Wednesday’s closing price
- Total Buyback Size: ₹112.5 crore
- Number of Shares: Up to 15 lakh
- Face Value of Shares: ₹1 each
- Percentage of Total Equity: 1.08%
- Record Date: August 27, 2024
- Buyback Route: Tender offer
The buyback is set to be executed via a tender offer, meaning shares will be repurchased at the fixed price of ₹750 without any variation.
Financial Highlights:
- Net Profit: Increased by 15.16% to ₹38.14 crore (Q1 FY24) from ₹33.12 crore (Q1 FY23)
- Sales: Rose by 8.12% to ₹734.86 crore (Q1 FY24) compared to ₹679.68 crore (Q1 FY23)
- Earnings Per Share (EPS): ₹2.75, up from ₹2.39 in Q1 FY23
Business Performance:
- India Business Growth: 13%
- Consolidated Revenue Growth: 8.1%
- Standalone EBITDA Growth: 9.5%
- Consolidated EBITDA Growth: 16.1%
Suprajit Engineering, a leading manufacturer of automotive cables and halogen bulbs, has experienced notable growth with a 251% increase in stock value over the past five years and a 389% rise over ten years. The company operates with an annual global capacity of 400 million cables and 110 million halogen bulbs and serves major global automotive brands. With operations across four continents, Suprajit continues to expand its global footprint.
