Craftsman Automation promoter sells 2.01% stake for ₹486 crore in block deal

Coimbatore-based auto component manufacturer, Craftsman Automation Ltd, on Tuesday (June 23) witnessed a block deal in which promoter Srinivasan Ravi sold a 2.01% stake, equivalent to 5.3 lakh shares, for ₹486 crore.The shares were sold at an average price of ₹9,250 per share on the National Stock Exchange. Among the buyers, HDFC Mutual Fund acquired 1.84 lakh shares worth ₹170 crore.

Invesco Mutual Fund purchased 1.01 lakh shares for ₹100 crore, while Abu Dhabi Investments bought 57,000 shares valued at ₹53 crore. Axis Mutual Fund and Tata AIA Life Insurance also participated in the transaction, purchasing shares worth ₹28 crore each.
ALSO READ | Craftsman Automation Q4 Results: Stock jumps over 10% to 52-week high on strong operating performanceThe transaction involved the transfer of 5.3 lakh shares, representing 2.01% of the company’s equity. Based on the March quarter shareholding pattern, promoters of Craftsman Automation had a 48.70% stake in the company.

Fourth Quarter resultsThe company’s revenue for the quarter increased by 27.3% from last year to ₹2,226 crore, while Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter increased by 47.2% year-on-year to ₹358.5 crore from ₹243.6 crore.

EBITDA margin expanded by over 200 basis points to 16.1% from 13.9% last year, while net profit grew by 74.4% year-on-year to ₹116.4 crore from ₹66.8 crore during the year-ago period.

ALSO READ | Craftsman Automation Q3 Results: Shares rise after topline grows over 30%, margin expands

The base quarter had an exceptional item of ₹10 crore, which was down to ₹54 lakh this time around. Profitability was also aided by a jump in the other income component from last year.

Shares of Craftsman Automation Ltd ended at ₹9,446.55, down by ₹87.60, or 0.92%, on the BSE