The firm's profit before tax soared 106.2% year on year to Rs 42.36 crore in Q1 FY24.

Total expenses increased 23.02% to Rs 636.55 crore as compared with Rs 517.44 crore in Q1 FY23. Cost of material consumed stood at Rs 490.23 crore (up 36.28%YoY), finance cost was at Rs 14.03 crore (up 45.84%YoY) and employee benefit expenses stood at Rs 35.61 crore (up 30.3%YoY).

Meanwhile, the board has approved to raise Rs 500 crore through qualified institutions placement.

The company authorise the opening of the proposed issue of such number of equity shares to eligible qualified institutional buyers, aggregating to an amount up to Rs 500 crore, through a qualified institutions placement.

The floor price in respect of the Issue has been determined at Rs 1,641.09 per equity share.

The company may at its discretion offer a discount of not more than 5% on the floor price so calculated for the QIP.

The said amount was approved, to meet the company's financing needs for working capital, capital expenditure and growth plans.

PG Electroplast manufactures printed circuit board assemblies, plastic injection mouldings for major consumer durables, specialised AC components, home electricals and kitchen appliances. The company caters to industries such as automotive components, consumer electronics mobile handsets and sanitary ware.

The company's consolidated net profit surged 106.2% to Rs 33.81 crore in Q1 FY24 from 16.40 crore in Q1 FY23. Net sales jumped 26.2% year on year to Rs 677.62 crore in Q1 FY24.

The scrip hit an all time high at Rs 2,033.55 in intraday today.