450 per cent returns and FIIs & DIIs increase stake: This multibagger stock commissions 22 MW solar power plant; reports impressive Q2FY24 results!

Shares of the company have gained more than 80 per cent in the last six months.

Godawari Power & Ispat announces that its subsidiary, Hira Ferro Alloys Limited, has commissioned a 22 MWp solar power plant, adding to the previously commissioned 30 MWp. This brings the total operational capacity to 52 MWp out of the planned 55 MWp. The remaining 8 MWp capacity is on hold due to lack of contiguous land. The company is actively seeking land to complete the project. The solar power generated will be used for captive consumption by HFAL, reducing carbon footprint and generating cost savings.

In the recent quarter, Q2FY24, the net sales of the company decreased by 1.23 per cent at Rs 1291.04 crore for Q2FY24 as compared to Rs 1307.14 crore for the corresponding quarter previous year. The company reported a 47.72 per cent rise in its net profit at Rs 253.49 crore for the quarter ended September 30, 2023, as compared to Rs 171.60 crore for the same quarter in the previous year. FIIs and DIIs increased their stake in the company in September 2023.

Also read, Decoding greeks in options trading: Delta, gamma and theta

Godawari Power & Ispat Limited has two captive iron ore mines (3.05 MTPA), a pellet plant (2.7 MTPA) and a vertically integrated steel plant in Raipur. The steel plant manufactures sponge iron (capacity of 495,000 tonnes per annum [TPA]), billets (400,000 TPA), MS rounds (400,000 TPA), HB wires (400,000 TPA), ferroalloys (16,500 TPA) and pre-fab structures (110,000 TPA). The two main operational subsidiaries of GPIL are Alok Ferro Alloys Ltd (AFAL) and HFAL. The stock has also delivered multibagger returns of over 190 per cent in the past one year.

The stock has shown tremendous growth, and investors should keep a close eye on this stock.

Disclaimer: The article is for informational purposes only and not investment advice.