220 per cent jump in net profit: Heavy buying in multibagger waste management company as it announces stellar quarterly results!
The stock is up by 34 per cent in 1 year and gave multibagger returns of over 170 per cent in 3 years.
On Thursday, one of the Top Gainers on BSE, Eco Recycling Ltd surged 18.85 per cent to an intraday high of 134 per share from its previous closing of Rs 112.75. The stock has a 52-week high of Rs 162.95 and a 52-week low of Rs 94.
The sudden rise in the stock price is due to the company announcing its stellar Quarterly Results. Details below:
Quarterly Results Update
The net sales increased by 9 per cent to Rs 5.39 crore in Q1FY24 compared to Q4FY23.
The operating profit increased by 209.03 per cent to Rs 3.26 crore in Q1FY24 compared to Q4FY23.
The net profit increased by 223.30 per cent to Rs 4.71 crore in Q1FY24 compared to Q4FY23.
Annual Results Update
The net sales increased by 16.03 per cent to Rs 17.61 crore in FY23 compared to FY22.
The operating profit increased by 7.12 per cent to Rs 3.91 crore in FY23 compared to FY22.
The net profit stood at Rs 6.19 crore in FY23 compared to a net profit of Rs 12.69 crore in FY22.
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Eco Recycling Ltd has a market cap of Rs 255 crore with a 3-year stock price CAGR of 38 per cent. As of June 2023, the promoters of the company hold the majority of the shares, with a stake of 73.35 per cent. The remaining shares are owned by foreign institutional investors (FIIs) and the general public, with stakes of 1.90 per cent and 24.75 per cent, respectively.
Eco Recycling Ltd is engaged in the business of providing an end-to-end seamlessly integrated solution for e-waste management and recycling. The shares of the company saw a spurt in volume by more than 16.81 times on BSE.
The stock is up by 34 per cent in 1 year and gave multibagger returns of over 170 per cent in 3 years. Investors should keep an eye on this micro-cap stock.