Small cap lighting company reports 64 per cent increase in PAT; do you hold it?
Company intraday high surge by 17.87 per cent from closing of last trading session
IKIO Lighting which is manufacturer of light-emitting diode (LED) lighting solutions surges by upto 18 per cent today amid strong financials and quarterly outlook. Few months back it was listed on June 16, 2023 with premium of 37.19 percent over IPO price at Rs 391.
Talking about the financials of the company, on a consolidated basis, in Q2FY24 the company recorded a financial performance with a 64.42 per cent year-on-year increase in net profit, reaching Rs 182.44 crore compared to Rs 111.64 crore in the corresponding quarter of the previous year. During the second quarter of FY24, the company's total net revenue showed an increase of 53.51 per cent from Rs 808.36 crore to Rs 1240.92 crore compared to the same quarter in the preceding year.
Sequentially, the net profit for the quarter ending on September 30, 2023, showed an increase of 31.74 per cent from Rs 138.48 crore. However, in Q2FY24, the company's total net revenue registered an increase of 13.55 per cent compared to the previous quarter, settling at Rs 1092.80 crore.
In last trading session the stock closed at Rs 318.20. Today, it opened at Rs 349.95 and is currently trading at Rs 333.70, up by 4.87 per cent. Intraday high of company stands at Rs 375.05 which was up by 17.87 per cent from closing of last trading session. The company’s 52-week high stands at Rs 477.15, and the 52-week low is at Rs 315. The company currently commands a market capitalization of approximately Rs 2578.86 crore.
IKIO Lighting Ltd is a manufacturer of light-emitting diode (LED) lighting products based in India. The company provides low-energy LED products to assist India in meeting its sustainability targets. The company is largely an original design manufacturer (ODM), designing, developing, manufacturing, and supplying products to customers who then resell them under their own names. IKIO Lighting also collaborates with customers to develop, manufacture, and supply products designed by them.
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Disclaimer: The article is for informational purposes only and not investment advice.