Stock below Rs 100: Multibagger reports spectacular Q1FY24 results; net profit zooms 107 per cent!
The stock has gained momentum in the past 3 years as it has given more than 179 per cent returns.
On Monday, the shares of Prakash Industries Limited soared 3.26 per cent, the stock hits fresh 52-week high mark of 94.15 per share on BSE. Additionally, the scrip witnessed a spurt in volume by more than 4.08 times. The heavy buying activity was primarily driven by the company's stellar financial results.
During Q1FY24, the Company reported strong financial performance with Net Sales of Rs 1,013 Crores and operating profit of Rs 148 Crores, marking an impressive growth of 13 per cent and 44 per cent respectively compared to the same quarter last year. Additionally, the Profit after Tax for the quarter surged by 107 per cent on a YoY basis, reaching Rs 89 Crores.
The Company also achieved a remarkable sales volume growth of 32 per cent compared to the corresponding quarter of the previous financial year. The operating margin also saw an improvement, rising from 11.2 per cent to 11.6 per cent YoY, mainly attributed to lower raw material costs and enhanced operational efficiencies.
These positive indicators reflect the Company's robust performance and effective management strategies during the quarter.
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The company is involved in the manufacturing and sale of Steel Products, as well as power generation.
As of the June 2023 quarter, the shareholding pattern of Prakash Industries reveals that the Promoters' holding has increased to 44.11 per cent. On the other hand, FII’s have also shown an upward trend in their stake, reaching 3.57 per cent during the same period.
During this specific quarter, both Promoters and FIIs have demonstrated increased interest and confidence in Prakash Industries Ltd. The rise in shareholding indicates a positive outlook and belief in the company's performance and future prospects.
The stock has gained momentum in the past 1 year as it has given more than 73 per cent returns. Moreover, the stock has surged more than 179 per cent in the last 3 years.
Keep a close eye on this trending stock.
Disclaimer: The article is for informational purposes only and not investment advice.