Amber Enterprises zooms on 82% jump in Q4 net profit, ROCE at 15%

The company’s ROCE (return on capital employed) has improved from 11 percent in FY22 to 15 percent in FY23

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Amber Enterprises shares surged over 12 percent on May 17 after the contract manufacturer of air conditioners said that it has recorded an 82 percent year-on-year growth in consolidated profit at Rs 104 crore for the quarter ended March FY23.

Revenue from operations for the quarter grew by 55 percent to Rs 3,002.6 crore compared to the same period last year.

At 10:45 am, the stock was quoting at Rs 2,080 on the NSE, higher by 10.5 percent from previous close. Trading volumes at 1.05 million shares, almost 17x the 20-day average volume of 59,869 shares.

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The company’s ROCE (return on capital employed) has improved from 11 percent in FY22 to 15 percent in FY23 and it is further expected to improve in the range of 19 percent to 21 percent in the next 2-3 years time, said the company.

On the operating front, earnings before interest tax depreciation and amortisation (EBITDA) jumped 62 percent to Rs 204 crore in Q4 Fy23 as against Rs 125 crore in Q4 FY22.

“While Room Air Conditioner remains our focus segment, our other four divisions – electronics, motors, mobility and components – within the group, are witnessing a rampant growth ultimately strengthening the top line and bottom line,” Jasbir Singh, chairman and chief executive officer of Amber Enterprises, said.

In FY23, the company’s capex stood at Rs 698 crore.

“We believe expectation of good summer demand and production ramp up in new facilities led to strong revenue performance,” Nikhat Koor, analyst at Dolat Capital said in a note.

According to Bloomberg, the stock has 18 Buy calls, 6 Hold, and 1 Sell call. The stock is currently trading at a trailing twelve-month price-to-earnings ratio of 63.62x.

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