GMM Pfaudler’s 9.2% equity change hands; stock zooms ~11%

28 Aug 2024 , 02:08 PM

On Wednesday, August 28, 41.2 lakh shares, or 9.2% equity of GMM Pfaudler, were sold in a block deal for ₹1,352 per share, totalling ₹557.3 Crore.

The transaction’s formal buyers and sellers have not been identified yet.

On another hand, the company logged a net profit of ₹23.9 Crore in the June quarter, down 52.2% from last year’s ₹50 Crore. Its revenue was down 13.9% at ₹785.2 Crore from last year’s ₹912.3 Crore.

GMM Pfaudler’s profits before interest, tax, depreciation, and amortisation (EBITDA) fell 32% to ₹88.5 Crore. In the first quarter of the previous fiscal year, the company reported EBITDA of ₹130.2 Crore.

In June, the margin was 11.3%, compared to ₹14.3 Crore in the previous year.

GMM Pfaudler produces corrosion-resistant glass-lined equipment. It is a major supplier of process equipment for the pharmaceutical and chemical sectors. Over the years, GMMP has expanded its product line to include Mixing Systems, Filtration and Drying Equipment, Engineered Systems, and Heavy Engineering Equipment.

At around 10.41 AM, GMM Pfaudler was trading 10.83% higher at ₹1,504.35 per piece, against the previous close of ₹1,357.35 on NSE. The counter touched an intraday high and low of ₹1,530, and ₹1,402.05, respectively.

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