Craftsman Automation jumps over 6% after Q1 profit more than doubles; board approves ₹250 crore Hosur plant
AI Market Summary
Craftsman Automation reported a sharp Q1 earnings beat, with consolidated net profit more than doubling and strong revenue/EBITDA growth, supporting a one-day 6%+ equity move. The board's approval of a ₹250 crore Hosur plant signals continued capacity expansion and confidence in demand. Market impact is largely idiosyncratic and India mid-cap focused rather than macro-wide.
Impact level
● Low
Affected assets
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▲ Bullish
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Craftsman Automation reported its FY2024 first-quarter results for the period ended June, posting a more than two-fold year-on-year rise in consolidated net profit. Revenue came in at ₹2,431.6 crore, up 36.3% from a year earlier. EBITDA rose 45% to ₹384 crore, lifting the EBITDA margin to 15.8%.
The company's board has approved a ₹250 crore investment to set up a plant in Hosur. The update helped drive the stock up 6.5% on the day, taking its year-to-date gain to 26%.
