India's Indigo Paints set for best-ever day on Q2 profit jump

Indigo Paints

03/11/2022 09:44

** Shares of Indigo Paints Ltd  INDG.NS  rise as much as
15.9% to 1,688 rupees, 
    **tock's biggest-ever intraday pct gain, set for best day if
gains hold
    ** INDG reports an over 2.5x jump in Sept.-qtr profit to
370.9 million rupees ($4.47 million) as price hikes offset
rising input costs
    ** Q2 revenue increases to 2.43 bln Indian rupees ($29.31
mln) from 1.96 bln rupees a year before "despite extended
monsoons"; total expenses up over 20%, with input costs also up
by same margin
    ** Q2 EBITDA margin at 13.92% compared to 11.92% last year
    ** Active dealers, an important indicator for paint makers,
up 13.9% to 16,758
    ** Paint maker's shares touch their highest level since
Sept. 1
    ** More than 680,000 shares change hands by 0935 GMT vs
30-day avg of 20,692 shares
    ** Three of the seven analysts covering the stock have a
"buy" or "strong buy" rating, one has "hold" while three rate it
at "sell" or "strong sell"; median PT is 1,620 - Refinitiv data
    ** Stock down 31.7% so far this year up to last close
($1 = 82.9100 Indian rupees)
 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))