Turnaround story in this penny stock at Rs 6: This micro-cap company reports a 370 per cent jump in net profit to Rs 5.64 crore
The stock is up by 27 per cent from its 52-week low and down by 70 per cent from its 52-week high.
Today, the stock market started the day in green with the BSE Sensex Index up by 0.35 per cent and the NSE Nifty-50 Index up by 0.17 per cent. Along with the market in green, shares of Toyam Sports Ltd gained 3.33 per cent to Rs 5.90 per share from its previous closing of Rs 5.71. The stock’s 52-week high is Rs 19.45 while its 52-week low of Rs 4.65.
The sudden rise in the stock price was due to the company announcing stellar Quarterly Results (Q3FY24) and nine-month results (9MFY24) for the financial year 2024. Here are the details:
According to quarterly results, the net sales skyrocketed 915 per cent to Rs 19.68 crore and net profit skyrocketed by 370 per cent to Rs 5.64 crore in Q3FY24 over Q2FY23. The company reported a turnaround story with net sales increased by 234 times in Q3FY24 over Q3FY23 and reported a net profit of Rs 5.64 crore in Q3FY24 compared to a net loss of Rs 8.88 crore in Q3FY23.
In its nine-month results, the net sales increased by 811 per cent to Rs 24.66 crore in 9MFY24 compared to Rs 2.71 crore in 9MFY23 while it reported a net profit of Rs 6.36 crore in 9MFY24 compared to a net loss of Rs 8.73 crore in 9MFY23, an increase of 173 per cent.
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Toyam Industries Ltd was incorporated in 1985. The company operates in the commodity business, finance business, restaurant business & event business. The registered office of the company is in Mumbai. The company’s 0.33 per cent stake is owned by FIIs and the remaining 99.68 per cent stake is owned by the public as of December 31, 2023. The company has very little debt with only Rs 0.79 crore in current debt.
The company has a market cap of over Rs 300 crore. The stock is up by 27 per cent from its 52-week low and down by 70 per cent from its 52-week high.
Disclaimer: The article is for informational purposes only and not investment advice.
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