Shares of Apar Industries fell 18% to Rs 2,503 on the BSE in intraday trade on Tuesday after the company reported a 194% year-on-year profit after tax (PAT) to Rs 2,503 for the March quarter (Q4FY23) at Rs 243 crore, operating income is stable.

At 10:26 am, the stock is quoted 10% lower at Rs 2,749, while the S&P BSE Sensex rises 0.36%.

Shares of Apar Industries hit an all-time high of Rs 3,296.40 on Monday, May 8. Despite today’s correction, the stock has risen 341% over the past year, compared with a 14% gain for the benchmark index.

In the fourth quarter of FY23, the company’s revenue increased by 36% year-on-year, all divisions were led by volume, and the cable and conductor business exports also grew. The company’s EBITDA rose 146% year-on-year thanks to strong margins in the conductors and cables division and a recovery in oil margins.

Apar Industries is the world’s largest conductor manufacturer, third-largest transformer oil manufacturer and India’s largest renewable cable manufacturer. As the largest manufacturer of aluminium and alloy conductors and the third largest manufacturer of transformer oil, the company enjoys a leading position in the global market. The company’s high-profile clients include major engineering, procurement and construction (EPC) players and major utilities such as rail, defence and marine.

Furthermore, ICRA said in its rationale that the favourable demand outlook for transmission and distribution products in the domestic market and rising international order intake are expected to provide further growth opportunities for the company, with considerable capex in the infrastructure and power sectors.