Heavy buying witnessed: This micro-cap stock bags another huge order. Do you own it?
The net profitability of the company shot up by a whopping 2282 per cent from the corresponding quarter last year to Rs 3.29 crore.
On Wednesday, shares of Kotyark Industries surged more than 17 per cent to record an intraday high of Rs 462 apiece on NSE. The scrip witnessed a massive spurt in volume.
Kotyark Industries Limited and Yamuna Bio Energy, which is the transferor company in a proposed amalgamation scheme, had announced, on April 03, 2023, that they have received Letters of Intent (LOIs) for the tenders they submitted for the procurement of biodiesel.
The companies have received allocation sheets that indicate a total procurement quantity of 20,731 KL and they have already received two LOIs to supply 7,843 KL worth Rs 72.56 crore. The companies filed a joint tender with three Oil Marketing Companies (OMCs) and they expect to receive LOIs for the remaining quantity in the coming weeks.
Gaurang Shah, Chairman and Managing Director of Kotyark Industries, was pleased to announce another significant milestone for the company's OMC business segment. The amount allocated to them in these tenders is almost nine times the size of the orders they have received in September 2022. The company anticipates receiving the remaining LOIs in the upcoming weeks.
In Q3FY23, the standalone net sales of the company zoomed more than 97 per cent from last year’s same quarter to Rs 47.91 crore. The EBITDA level surged by more than 1700 per cent from December 2021 quarter to Rs 4.81 crore. The net profitability of the company shot up by a whopping 2282 per cent from the corresponding quarter last year to Rs 3.29 crore.
Kotyark Industries is serving towards renewable green energy and sustainable development of renewable natural resources and through the adoption of environmentally friendly technology that favours the net reduction of greenhouse gas emissions for use in a vehicle for public and private transport as well as various equipment and Gen Sets.
Keep a close eye on this trending stock.