176 per cent jump in net profit: Penny stock under Rs 30 hits back-to-back upper circuits on stellar quarterly results!
The shares of the company also saw a spurt in volume by more than 4.20 times on BSE.
On Wednesday, one of the gainers on BSE, shares of The Indian Wood Products Company Ltd hit 5 per cent upper circuit to Rs 25.18 per share from its previous closing of Rs 23.99. The stock’s 52-week high of Rs 32.90 and 52-week low of Rs 18.85.
At the closing bell, shares of the company were trading at Rs 24.92 per share, up 3.88 per cent with a spurt in volume by more than 4.20 times on BSE.
The stock has been hitting back-to-back upper circuits in recent trading sessions, due to the company's announcement of stellar Quarterly Results. Details below:
Quarterly Consolidated Financial Statements: The net sales increased by 2 per cent to Rs 50.81 crore, the operating profit increased by 2.50 per cent to Rs 3.69 crore and the net profit skyrocketed by 176 per cent to Rs 1 crore in Q1FY24 compared to Q1FY23.
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The Indian Wood Products Company Ltd is primarily engaged in the manufacturing of Katha, processed gambier and trading of spices. The company has a market cap of over Rs 160 crore. According to the annual results, the net sales increased by 2.25 per cent to Rs 182 crore and net profit skyrocketed by 300 per cent to Rs 2 crore in FY23 over FY22.
The stock is up by 15 per cent in just 3 months. Additionally, the stock is trading at 0.44 times its book value. Investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.