Multibagger stock under Rs 15:  This micro-cap company reported stellar quarterly results with a 950 per cent jump in net profit!

The stock gave multibagger returns of 120 per cent in just 6 months and over 170 per cent in 1 year. I

GI Engineering Solutions Ltd is an offshore engineering design company. The company offers civil engineering and Information Technology (IT) support.

Recently, the company announced its Quarterly Results (Q1FY24). Details below:

The company reported net sales of Rs 93.31 crore in Q1FY24 compared to net sales of Rs 0.03 crore in Q1FY23.

The company reported an operating profit of Rs 0.95 crore in Q1FY24 compared to a net operating loss of Rs 0.01 crore in Q1FY23.

The company reported a PAT of Rs 0.94 crore in Q1FY24 compared to a net operating loss of Rs 0.01 crore in Q1FY23, an increase of 950 per cent.

According to the annual results, the company reported net sales of Rs 840.39 in FY23 crore compared to net sales of Rs 0.11 crore in FY22. The net profit skyrocketed to Rs 2.88 crore in FY23 compared to the net profit of Rs 0.01 crore in FY22.

Earlier, the Board of Directors of GI Engineering announced the rights issue to the equity shareholders in the ratio of 11:8 which had a record date of Tuesday, April 18, 2023. The company is almost debt free and the promoters’ holdings have increased their stake by 1.47 per cent in FY23 over FY22.

On Friday, shares of GI Engineering Solutions Ltd plunged 4.16 per cent to Rs 11.05 per share with an intraday high of Rs 11.53 and an intraday low of Rs 10.96. The shares of the company saw a spurt in volume by more than 1.39 times on BSE.

The stock gave multibagger returns of 120 per cent in just 6 months and over 170 per cent in 1 year. Investors should keep an eye on this civil construction company’s stock under their watchlist.