Shares of Apar Industries (AIL) rose 4% in a weak market on Thursday to hit a fresh high of Rs 2,795 on BSE on higher demand from end-users such as power, infrastructure, railways, defence and marine sectors.

AIL is one of the world’s largest aluminium and alloy conductors manufacturers. The company has a production capacity of 1,80,000 lakh MTPA of conductors and 5.40 lakh KL of special oils, including lubricating oils. Its manufacturing facilities are in Rabale (Maharashtra) for oils and lubricants, Silvassa for conductors and oils, Athola and Rakholi (Dadra and Nagar Haveli) for conductors, Umbergaon and Khatalwad (Gujarat) for wires, cables and aggregates, Jharsugoda and Lapanga (Odisha) for conductors and Hamriyah (Sharjah) for speciality oils.

Over the past two-and-a-half months, the stock has rallied nearly 100% from Rs 1,407.90 on the BSE since March 30. The stock’s strong gains were bolstered by a strong 210% year-on-year rise in consolidated profit after tax to Rs 170 crore in the December quarter (Q3FY23), led by strong operating performance.

The company’s consolidated sales rose 76.9% YoY to Rs 3,942 crore in Q3FY23. Ebitda grew by 199% YoY to Rs 349 crore due to higher gross margin, and Ebitda margin increased by 360 basis points YoY to 8.8%.