9:1 Bonus Issue: Ashish Kacholia-Backed Stock Hits Upper Circuit; Profit Skyrocketed by 428 Per cent, Revenue Surged 94 Per cent – FIIs and DIIs Bought Stake
The company’s shares have delivered a multibagger return of around 300 per cent in the last 1 year.
Ashish Kacholia-backed firm Bengal Finance and Investment Pvt Ltd's portfolio’s Small-Cap company has announced stellar results. The company’s shares have hit the upper circuit today and recently it has announced a stellar quarterly performance.
Sky Gold Ltd is engaged in the business of designing, manufacturing, and marketing gold jewellery. The co. follows a B2B model where the products are mainly sold to mid-range jewellers and boutique stores that sell these products through online platforms and retail stores.
According to the shareholding pattern of Sky Gold, promoters own a 58.24 per cent stake, while public investors hold 34.07 per cent. Foreign Institutional Investors (FIIs) hold 1.38 per cent which was earlier 0.25 per cent and DIIs bought 6.31 per cent in the September quarter. Bengal Finance and Investment Pvt Ltd holds around 1.76 per cent stake in the company.
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Share Performance
At the start of today's trading session, the stock opened at Rs 3593.25 per share, compared to the previous day's closing figure of Rs 3422.15 per share on the BSE. Today the shares rallied and hit the upper circuit and are at Rs 3593.25 per share. The company's current market capitalization stands at Rs 5,265 crore, and the stock has generated an impressive multibagger return of over 300 per cent in the past 1 year.
Financial Performance
As per Quarterly Results, Sky Gold Ltd in Sep 2024 reported a revenue of Rs 717 crore compared to Rs 396 crore representing a growth of around 81 per cent YoY. The company posted an operating profit of Rs 37 crore with a margin of around 5 per cent compared to Rs 15 crore with a margin of 4 per cent. The company’s net profit stood at Rs 36 crore for the period compared to a profit of Rs 7 crore same quarter last year.
Looking at the annual performance, the company generated a revenue of Rs 1745 crore in FY24 compared to Rs 1154 crore in FY23 representing a growth of 51 per cent YoY. The operating profit for FY24 was Rs 77 crore compared to Rs 37 crore in FY23. The company reported a net profit of Rs 40 crore compared to Rs 19 crore.
Corporate Actions
On October 26, Sky Gold announced that its board had approved a bonus share issuance in a 9:1 ratio. This meant that eligible shareholders would receive nine new bonus equity shares of Rs 10 each for every existing equity share of Rs 10 they held, with the record date to be announced later. Previously, the company had issued bonus shares at a 1:1 ratio in 2022, granting one free share for each share held.
Disclaimer: The article is for informational purposes only and not investment advice.