This Multibagger Stock, Up 360 per cent in One Year, Secures Rs 105 Crore Order from Prestige Group!
Stock delivers massive returns and secures major ₹105 crore order from real estate giant
NITCO Ltd. has secured a Rs 105 crore order from the prestigious real estate firm, Prestige Group. This order includes the supply of tiles and marble for various ongoing projects across India.
Strengthening Long-standing Relationship
The order strengthens NITCO’s long-standing relationship with the Prestige Group, built over 40 years. Prestige Group exclusively purchases its tile and marble requirements from NITCO, solidifying the company's position as a trusted supplier.
Potential for Order Expansion
Based on the ongoing projects, NITCO anticipates the order size to grow to approximately Rs 210 crore. This highlights the company’s ability to meet the growing demand in the real estate sector.
Expansion and Commitment to Quality
NITCO continues to expand its presence, contributing to India’s architectural landscape with high-quality and sustainable surface solutions. The company’s products enhance the aesthetic appeal of prestigious real estate developments across the country.
Strategic Measures for Growth
NITCO has undertaken strategic steps for growth, including partnering with Authum Investment & Infrastructure Ltd. and restructuring its debt. These efforts, along with fresh capital infusion and land sales, aim to strengthen the company’s financial position.
Diverse Product Range and Expansion
Founded in 1966, NITCO offers a wide range of tiles and marble, with over 50 retail outlets in India. The company also expanded internationally, recently entering the Kenyan market with its first store in Nairobi.
Stock Performance Soars
NITCO’s stock has delivered an impressive return of 356 per cent on a year-to-date basis and 360 per cent over the past year. This remarkable performance reflects investor confidence in the company’s growth and prospects.
Revenue Overview
In FY23, the majority of NITCO’s revenue (98 per cent) came from the sale of products, including a wide variety of tiles and marble. Other operating income contributed around 2 per cent of the revenue.