Multibagger penny stock under Rs 10 with 111 per cent jump in net profit: This micro-cap company is to install state-of-the-art solar rooftop system!

The stock is up by 70 per cent in 1 year and gave multibagger returns of 240 per cent in 3 years.

Akshar Spintex Ltd installed a state-of-the-art 1000 KVA Solar Rooftop system. Procured from Soleos Solar Energy Private Limited, this system is aimed at reducing our carbon footprint, energy consumption, and costs. The installation is expected to be completed by November, generating significant cost savings of Rs 70 lakh to Rs 1.20 crore per annum. This initiative aligns with our commitment to responsible business practices that drive a sustainable future for all.

According to the Quarterly Results, the net sales increased by 132 per cent to Rs 43.6 crore and net profit increased by 111 per cent to Rs 0.9 crore in Q2FY24 compared to Q2FY23. In its annual results, the company reported net sales of Rs 135.5 crore and net loss of Rs 2.76 crore in FY23.

Jamnagar, Gujarat based, Akshar Spintex Limited (ASL) was incorporated in June 2013. ASL manufactures carded, combed and compact cotton yarn of finer quality ranging between 16s to 44s counts. The company have reduced its debt and its current debt is Rs 17.3 crore. The company has a market cap of Rs 158 crore and the stock have a PE of 27.8x.

Today, shares of Akshar Spintex Ltd surged 0.80 per cent to Rs 6.29 per share with an intraday high of Rs 6.39 and an intraday low of Rs 6.10. The stock’s 52-week high is Rs 8.4 and its 52-week low is Rs 3.68.

The stock is up by 70 per cent in 1 year and gave multibagger returns of 240 per cent in 3 years. Investors should keep an eye on this micro-cap stock.

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