Stock Split: This small-cap company reported a 155 per cent growth in revenue; shares soared 115 per cent in just six months!
The company also recorded an 82 per cent growth in net profit for the June quarter.
Avantel Limited, a Small-Cap telecommunications equipment company, could make headlines in the upcoming trading sessions as shares will trade ex-split tomorrow, August 14, 2023.
The company's board of directors also set August 16, 2023, as the record date for determining the eligibility of shareholders entitled to a stock split, which would convert existing shares of the company from one equity share with a face value of Rs 10 per share to five equity shares with a face value of Rs 2 per share that are fully paid-up.
Shares have already delivered multibagger returns of over 115 per cent over the past six months while rocketing by almost 230 per cent in just one year! The stock has a 52-week high of Rs 915 and is currently trading at Rs 840 per share on the BSE.
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Considering the company's quarterly performance, on a consolidated basis, it reported an outstanding growth of 155 per cent from Rs 26.99 crore registered in Q1FY23, recording total revenue of Rs 68.95 crore in Q1FY24. It has reported strong operating profit growth of 93 per cent. When compared to the same quarter last year, the net profit for the first quarter of FY24 climbed 82.84 per cent, from Rs 4.38 crore to Rs 8.01 crore.
Avantel Limited is engaged in the business of designing, developing and maintaining wireless & satellite communication products, defence electronics, radar systems and the development of network management software applications for its customers from the aerospace and defence sectors.
Disclaimer: The article is for informational purposes only and not investment advice.