Heavy Buying: Multibagger penny stock under Rs 50 hit 52-week high as it announces stellar Q2FY24 & H1FY24 results after first-ever stock split!

The stock gave multibagger returns of over 150 per cent from its 52-week low of Rs 22 per share.

Sigachi Industries Ltd's stock hit a new 52-week high as the company announces Quarterly Results (Q2FY24) and half-yearly results (H1FY24) for the year ended September 30, 2023. Here are the details:

Quarter Results (Q2FY24 vs Q2FY23)

• Total revenue stood at Rs 99.18 crore, up 20.26 per cent over Q2FY23. 
• Operating profit stood at Rs 22.53 crore, up 21.86 per cent over Q2FY23.  
• Profit After Tax stood at Rs 15.12 crore, up 11.33 per cent over Q2FY23.  
• The EPS for Q2FY24 is Rs 4.93 whereas in Q2FY23 was Rs 4.42, an increase of 11.56 per cent.  

Half-yearly Results (H1FY24 vs H1FY23)

• Total revenue stood at Rs 183.88 crore, up 14.37 per cent over H1FY23. 
• Operating profit stood at Rs 40.47 crore, up 11.27 per cent over Q4FY23.  
• Profit After Tax stood at Rs 25.99 crore in H1FY24 compared to Rs 26.39 crore in H1FY23.  
• The EPS for H1FY24 is Rs 8.52 whereas in H1FY23 was Rs 8.59.  

According to annual results, the net sales increased by 20.80 per cent to Rs 302 crore and net profit increased by 10 per cent to Rs 44 crore in FY23 over FY22.

Earlier, the company announced that the Board of Directors of the company have approved a stock split of existing 1 equity share with a face value of Rs 10 each into 10 equity shares with a face value of Rs 1 each. The stock ex-traded stock split on Monday, October 09, 2023.

Sigachi Industries was incorporated in 1989. It is engaged in the manufacturing of Microcrystalline Cellulose (MCC) which is widely used as an excipient for finished dosages in the pharmaceutical industry. The company has a market cap of over Rs 1,600 and has delivered good profit growth of 44.50 per cent CAGR over the last 5 years.

Today, shares of Sigachi Industries gained 8.38 per cent and traded at an intraday high & 52-week high of Rs 55.90 per share from its previous closing of Rs 51.58 per share. The shares of the company saw a spurt in volume by more than 2.3 times on BSE.

The stock gave multibagger returns of over 150 per cent from its 52-week low of Rs 22 per share. Investors should keep an eye on this Small-Cap pharma stock.

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