Amber Enterprises shares skyrocket over 17% post Q4 results

Shares of Amber Enterprises India rallied 17.5% to Rs 2,210 in Wednesday’s trade on BSE after the company reported 82% growth in its consolidated net profit to Rs 108 crore for the fourth quarter ended March 2023. It had posted a net profit of Rs 59 crore in the January-March period a year ago.

Its revenue surged 38% during the quarter under review to Rs 3,003 crore. It was Rs 1,937 crore in the corresponding period last fiscal.

Its operating EBITDA stood at Rs 204 crore in Q4 FY23, up 54% compared to Rs 133 crore in Q4 FY22. For FY23, Amber Enterprises' capex stood at Rs 698 crore.

"We are happy to report a revenue of Rs 6,927 cr for FY23, a growth of 65% over the same period last year. The company has transformed from a RAC player to a diversified B2B solution provider since the IPO launch in 2018," Jasbir Singh, Chairman & CEO of Amber Enterprises India said.

"We are focused on prudent asset allocation for better return on investment, while balancing growth and profitability and improving return ratios. ROCE has improved from 11% in FY22 to 15% in FY23 and it is further expected to improve in the range of 19% to 21% in the next 2-3 years," he added.

At 10.03 am, the scrip was trading 11.2% higher at Rs 2,091 on BSE. However, the stock has declined over 22% in the last one year.

As per Trendlyne data, the average target price of the stock is Rs 2,486, which shows an upside of 19% from the current market prices.

The consensus recommendation from 17 analysts for the stock is a buy. Out of these analysts, 11 have strong buy and buy ratings, while only one has a strong sell rating. The remaining five have hold ratings.

Technically, the day RSI (14) is at 55.7. The RSI below 30 is considered oversold and above 70 is overbought, Trendlyne data showed. MACD is at -9.6, which is below its Center Line, this is a bearish indicator.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)