On Thursday, Vesuvius India Limited shares were up by 20% after it stated a 77.5% increase in net profit YoY for the June quarter. The refractories manufacturer’s net profit was Rs 52.24 crore for Q1FY24 versus Rs 29.43 crore reported in Q1FY23. Sequentially, the net profit rose 20.5% from Rs 43.35 crore reported in the March quarter.

At 01.15 am, the stock was trading at Rs 3,215, up 20% or Rs. 535.80. The store was a gradual ascent from May 2nd till date, up 95%.

On Wednesday, the company also stated a 22.8% YoY rise in its operational revenue at Rs 405.05 crore for Q1FY24 compared to Rs 329.65 crore in Q1FY23. Meanwhile, it increased by 10.09% QoQ against Rs 367.91 crore reported in Q4FY23.

EBITDA (earnings-before-interest-taxes-depreciation and amortisation) margin was up by 500 bps from 12% in Q1FY23 to 17% in the quarter under review.

In the board meeting to accept the quarterly financial results, the management agreed to a capital expenditure of Rs 87.7 crore for the new Monolithics refractory manufacturing unit setup at Anakapalli in Andhra Pradesh. The company assumes the new plant to add 1.2 lakh tonnes annually to its production capacity.

Vesuvius India Limited is a secondary of UK-based materials engineering manufacturer Vesuvius Plc. The company manufactures and services refractory goods used in high-temperature industrial procedures like steelmaking, foundries, and cement manufacture. Its products include refractory products like shrouds, stoppers, precast, nozzles, and crucibles.