FIIs took a fresh entry into this DIIs-backed textile stock under Rs 50; Company reports a 12,567 per cent jump in net profit

In FY24, FIIs took a fresh entry and bought 25,00,000 shares or 8.48 per cent stake in the company.

Pioneer Embroideries Ltd, founded in 1991, is a major manufacturer of textiles for apparel and homeware. Their product range includes various types of yarns, laces, fabrics, and trimmings. They specialize in value-added, special polyester filament yarn (SPFY) and produce embroidered fabrics, braids, and laces. In addition to apparel, their yarns are used for carpets, upholstery, and curtains. They sell their products under the brand names Hakoba and Silkolite and boast over 300,000 unique designs. With a large manufacturing capacity, Pioneer Embroideries Ltd exports its products to all corners of the world.

According to Quarterly Results, the net sales increased by 11.5 per cent to Rs 94.50 crore, profit before tax (PBT) increased by 6,719.2 per cent to Rs 2.80 crore and profit after tax (PAT) increased by 12,567 per cent to Rs 2.50 crore in Q4FY24 compared to Q4FY23. In its annual results, the net sales increased by 13.4 per cent to Rs 334.33 crore in FY24 compared to Rs 294.89 crore in FY23. The company reported profit before tax (PBT) of Rs 4.25 crore and profit after tax (PAT) of Rs 3.55 crore in FY24 compared to Rs 11.89 crore and 8.26 crore, respectively in FY23.

Today, shares of Pioneer Embroideries Ltd plunged 0.71 per cent to Rs 42 per share with an intraday high of Rs 44.11 and an intraday low of Rs 41.70. The stock’s 52-week high is Rs 67 and its 52-week low is Rs 36.40.  

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The company has a market cap of Rs 124 crore. The stock is trading at 0.86 times its book value. In FY24, FIIs took a fresh entry and bought 25,00,000 shares or 8.48 per cent stake in the company. Domestic Institutional Investors (DIIs) own an 8.48 per cent stake in the company as of March 2024 wherein Export-Import Bank Of India own a 2.6 per cent stake, Kotak Mahindra Bank Limited owns a 2.49 per cent stake, General Insurance Corporation Of India owns a 1.70 per cent stake and United India Insurance Company Limited owns 1.69 per cent stake.  

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