Turnaround story in this multibagger penny stock at Rs 13.12: Scrip hit back-to-back upper circuit as company reports 459 per cent jump in PAT

The stock gave multibagger returns of 140 per cent from its 52-week low of Rs 5.47 per share.

Sharika Enterprises Ltd is a seasoned power sector expert with a legacy of expertise in transmission and distribution. The company envisions leading a transformative shift towards a 'Smart Grid' future, fuelled by innovation, cutting-edge technologies, and sustainability. Their significant focus extends to the solar power sector, with a proven track record of successful solar PV project implementations in collaboration with government bodies, PSUs, schools, and the private sector. Sharika Enterprises offers a comprehensive suite of solar solutions, including grid-connected and off-grid systems, hybrid solutions, battery energy storage, EV charging systems, microgrids, real-time monitoring, and solar streetlights.

According to Quarterly Results, the net sales increased by 37.23 per cent to Rs 29.36 crore and net profit increased by 459 per cent to Rs 7.71 in Q4FY24 compared to Q4FY23. In its annual results, the net sales increased by 55.71 per cent to Rs 78.42 crore in FY24 compared to FY23. The company reported a net profit of Rs 1.54 crore in FY24 compared to a net loss of Rs 3.32 per cent in FY23, an increase of 146.4 per cent.

Also Read: Vijay Kedia gains Rs 12,06,05,760 from this multibagger engineering stock in just 1 day as the company reports a 197 per cent jump in net profit

Earlier, the company was awarded a turnkey project by U.P. Power Transmission Corporation Limited (UPPTCL) for supplying and erecting outdoor equipment for two 145 KV Bays at a 400 KV substation located at Rasara, Ballia in Uttar Pradesh. This domestic project valued at Rs 2,94,65,496 needs to be completed within 6 months from the date of award.

On Friday, shares of Sharika Enterprises Ltd were locked in a 5 per cent upper circuit to Rs 13.12 per share from its previous closing of Rs 12.50. The stock also made a fresh 52-week high of Rs 13.12 and its 52-week low is Rs 5.47. The company has a market cap of over Rs 50 crore. The stock gave multibagger returns of 140 per cent from its 52-week low of Rs 5.47 per share.

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