RR Kabel stock jumps 4 percent as net profit doubles in Q2

Since its listing after IPO on September 20, the stock has gained 21.77 percent.

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The RR Kabel stock gained more than 4 percent on November 7 after the company’s Q2 FY24 net profit more than doubled to Rs 74.09 crore in the quarter ended in September. The wires and cables company’s profit last year was at Rs 35 crore. At 12:48pm, the stock was trading at Rs 1,458.9.

The company’s second-quarter revenue increased 17.7 percent YoY to Rs 1609.7 crore. EBITDA increased 92.7 percent from the previous year to Rs 121.1 crore, and EBITDA margin expanded 293 bps to 7.5 percent in the quarter.

The wires and cables segment, which consists of 90 percent of the revenue mix of the company, rose to Rs 1450.38 crore from Rs 1218.45 crore in the previous year.

RR Kabel provides wires, cables, and fast-moving electrical goods (FMEG) services. The company represents approximately 7 percent market share by value in FY23. It has five manufacturing units – cable and wires units in Waghodia in Gujarat and in Silvassa in the Union Territory of Dadra and Nagar Haveli, a commercial lightings plant in Bengaluru, and FMEG units in Roorkee in Uttarakhand and Gagret in Himachal Pradesh.

The RR Kabel stock was listed on the exchanges on September 20 at Rs 1,180 after its IPO, at a 14 percent premium over the issue price of Rs 1035. Since its listing, RR Kabel stock has gained 21.77 percent.

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