Turnaround story in this penny stock under Rs 10 & Promoters bought 44,86,164 shares: Heavy buying logistics solution provider stock; PAT zooms over 30,000 per cent

The shares of the company saw a spurt in volume by more than 2.50 times on BSE.

East-West Holding Limited is engaged in providing logistics and allied solutions through its wholly-owned subsidiary East West Freight Carriers Limited. The Company provides services in the trade of Global Logistics and Freight Forwarding. The company has a total investment of 40 crores in its subsidiary. East-West Holding Limited a micro-cap company has a market cap of over Rs 80 crore.

The company announced its Quarterly Results (Q4FY24) and annual results results (FY24) for the financial year 2024.

Standalone Results

According to quarterly results, the net sales increased by 29 per cent to Rs 65.15 crore in Q4FY24 compared to net sales of Rs 50.53 crore in Q4FY23. The company reported a net profit of Rs 6.15 crore in Q4FY24 compared to a net loss of Rs 0.02 crore in Q4FY23, an increase of 30,850 per cent. In its annual results, the net sales increased by 1,065 per cent to Rs 198 crore in FY24 compared to net sales of Rs 17 crore in FY23. The company reported a net profit of Rs 6 crore in FY24 compared to a net loss of Rs 1 crore in FY23, an increase of 700 per cent.

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Consolidated Results

According to quarterly results, the net sales increased by 27.4 per cent to Rs 68.08 crore in Q4FY24 compared to net sales of Rs 53.43 crore in Q4FY23. The company reported a net profit of Rs 6.29 crore in Q4FY24 compared to a net profit of Rs 0.10 crore in Q4FY23, an increase of 6,190 per cent. In its annual results, the company reported net sales of Rs 208 crore in FY24 compared to net sales of Rs 250 crore in FY23. The company reported a net profit of Rs 7 crore in FY24 compared to a net loss of Rs 1 crore in FY23, an increase of 800 per cent.

Today, shares of East West Holdings Ltd surged 9.73 per cent to an intraday high of Rs 6.43 per share from its previous closing of Rs 5.86 per share. The stock is down by 44 per cent from its 52-week high of Rs 11.47 per share while the stock is up by 62.4 per cent from its 52-week low of Rs 3.96 per share. The shares of the company saw a spurt in volume by more than 2.50 times on BSE. In March 2024, the promoters bought 44,86,164 shares and increased their stake to 61.28 per cent compared to 59.87 per cent in March 2023.

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