Recently listed penny stock below Rs 80 in green as PAT zooms 73.5 per cent to Rs 9.64 crore
An investor who was lucky enough to get an allotment of this IPO saw their portfolio gain a staggering 77 per cent since the initial allotment price of Rs 41 per share.
Today, the stock market was trading flat with the BSE Sensex Index up by 0.01 per cent at a level of 71,823 and the NSE Nifty-50 Index up by 0.07 per cent at a level of 21,856. On the broader market, the indices were trading in green with the BSE Mid-Cap Index up by 0.69 per cent and the BSE Small-Cap Index up by 1.13 per cent.
Though the market was trading mixed, one of the Top Gainers on BSE, shares of Nova Agritech Ltd gained 9.37 per cent to an intraday high of Rs 71.77 per share from its previous closing of Rs 65.57 per share. The stock was listed on BSE at Rs 55 per share and till today’s intraday high the stock is up by 30.5 per cent to Rs 71.77 per share.
According to the consolidated Quarterly Results, the net sales increased by 40.8 per cent to Rs 78.48 crore and net profit increased by 73.5 per cent to Rs 9.64 crore in Q3FY24 compared to Q3FY23. In its nine-month results, the net sales increased by 35.3 per cent to Rs 181.70 crore and net profit increased by 61.2 per cent to Rs 20.02 crore in 9MFY24 compared to 9MFY23.
Nova Agritech is a leading agri-input manufacturer offering a wide range of products for soil health management, crop nutrition, crop protection, and more. They boast a diverse portfolio with over 600 registered products, a strong dealer network across 17 states, and a subsidiary specializing in crop protection, making them a comprehensive solution provider for farmers across India and Nepal.
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An investor who was lucky enough to get an allotment of this IPO saw their portfolio gain a staggering 77 per cent since the initial allotment price of Rs 41 per share. The offering included a fresh issue (funding plant expansion, working capital, subsidiary investment, and general purposes) and an offer for sale (no proceeds to the company).
Demonstrating consistent high performance, the company saw top-line revenue soar 13 per cent to Rs 211 crore in FY23 and net profit surge 43 per cent to Rs 20 crore, mirroring FY22's strong growth. The first half of FY24 maintained the momentum while boasting impressive ROE and ROCE of 38 per cent and 30 per cent respectively. With a P/BV ratio of 3.46 times and a PE ratio of 12 based on annualized FY24 earnings, the issue offers compelling value. Investors should keep an eye on this stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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