Shriram Pistons Share Price Surges by 157% in One Year 🚀
Investors in the stock market have been enjoying strong returns from various multi-bagger stocks, with Shriram Pistons and Rings being one of them. The share price of Shriram Pistons has surged by 157% in the past year and has seen an increase of over 500% in the last two years. The Indian automobile sector has witnessed a significant comeback after a slowdown due to the pandemic.
Auto Sector Sees Strong Recovery 🚗
In the fourth quarter, domestic sales of passenger vehicles saw a significant increase, particularly in rural markets. Sales of two-wheelers also witnessed a boost, especially in the 200cc segment. This surge in demand led to an increase in the demand for auto components, including pistons and rings.
Financial Performance Highlights 📈
On Wednesday, 22 May 2024, Shriram Pistons’ share price was trading at ₹2,342 with a 1.32% decrease. The stock has shown a remarkable growth, reaching ₹2,067 from ₹802.95 in the past year, marking a 157% increase. Over the last two years, the stock has delivered a whopping 512% return and a multi-bagger return of 654% over the past four years. After announcing the results for the fourth quarter, the stock saw a growth of over 5% in the past week.
Company’s Strong Financials 💰
Shriram Pistons and Rings reported a 12.6% increase in revenue to ₹802 crore on an annual basis, with a full-year revenue of ₹3,351 crore. The company’s post-tax income saw a 30.2% growth to ₹120 crore in the fourth quarter. The net profit for the entire financial year increased by 51.2% to ₹446 crore, compared to ₹295 crore in the previous year.
Shriram Pistons and Rings has solidified its position as a leading manufacturer of pistons, piston pins, piston rings, and engine valves in India. With a presence in over 45 countries with more than 1,200 touchpoints, the company has a wide-reaching servicing network in the aftermarket business.
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