Praj Industries fuels up

Praj Industries is right there among the top five gainers on the BSE since morning; the stock opened 5.3% higher at Rs.376 and rose to an intraday high at Rs.386.50, rising almost 8.5%.

The market is pretty buoyed up with its Q4FY23 earnings. Posting a 53% (YoY) rise in consolidated PAT at Rs.88 crore, it exceeded most estimates.

This bottomline was on a 21% surge in revenue from operations at Rs.1004 crore.

Its EBITDA rose 39% to Rs.108 crore while margins jumped up 140 bps to 10.79%.

The company said that its order intake stood at Rs.1038 crore.

Moreover, the company announced that it Board gave an in-principle approval for the formation of a joint venture (JV) with Indian Oil Corporation (IOCL) for the production of a variety of biofuels and production of Sustainable Aviation Fuel (SAF) is likely to be the first project out of this JV.

The company has also collaborated with AirAsia India and IOCL to fly the first commercial flight in India powered by a blend of ‘indigenous’ SAF blended in the ATF made by Praj using indigenous feedstock leveraging its relationship with Gevo, Inc USA.