ASK Automotive posts good Q3 numbers; stock hovers near 52-week high

Shares of ASK Automotive gained as much as 8 per cent in morning deals on Tuesday (February 6), snapping a two-day losing streak and touching an intra-day high of Rs 330.95 apiece, which was Rs 0.05 away from its 52-week high of Rs 331 apiece on BSE. The stock jumped after the release of its December quarter (Q3 FY24) results.

At around 9:52 a.m., shares of ASK Automotive traded 6.09 per cent, or Rs 18.7, higher at Rs 325.55 apiece. The market capitalisation of the company at around the same time stood at Rs 6,459.38 crore.

ASK Automotive Q3 results

The two-wheeler braking system manufacturer posted good financial results for the October–December quarter. The company reported an increase in the net profit of 72.41 per cent to Rs 50 crore for the quarter under review compared to Rs 29 crore a year ago.

The revenue for the third quarter stood at Rs 762 crore, against Rs 637 crore for the corresponding quarter of the previous year. The earnings before interest, tax, depreciation, and amortisation (EBITDA) stood at Rs 80.45 crore against Rs 56.51 crore, which implies an increase of 42.36 per cent year-on-year (YoY).

The margins, a key measure of profitability, stood at 10.56 per cent against 8.87 per cent a year ago.

Further, the company's subsidiary got approval from its board to set up a new manufacturing facility in Karnataka for approximately Rs 21,900 lakh. This manufacturing facility is targeted to be operationalised in Q4 FY25.

This new facility is being commissioned to further serve our customers in South India. This new manufacturing facility will be in addition to our existing two facilities in the South. Also, this will be our 18th manufacturing facility in India (including 1 plant under a joint venture company).

ASK Automotive share price: Past performance 

In the past 30 days, shares of Ask Automotive have gained over 12 per cent against the Nifty 50's rise of over 1 per cent.

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