Upper circuit alert: This multibagger IT infrastructure company reports an impressive 1200 per cent jump in net profit!

Shares of the company have gained more than 70 per cent in the last six months.

Shares of Nettlinx Limited were locked in the upper circuit on Friday, gaining 5.00 per cent. The stock opened at Rs 85.50, with a high and low of Rs 91.85 and Rs 85.50. The stock closed trading at Rs 91.85, up by 5.00 per cent. In the last six months, the stock has gained about 70 per cent. The company posted impressive Quarterly Results and owning to the positive sentiment from the buyers, the stock got locked in the upper circuit.

On July 28, 2023, Nettlinx Limited has reported results for the first quarter ended June 30, 2023 (Q1FY24). The revenue of the company for Q1FY24 stood at Rs 7.06 crore which grew by 30.69 per cent YoY. The operating profit of the company stood at Rs 2.91, growing 315.26 per cent YoY while the PAT of the company grew by 1209.35 per cent YoY staying at Rs 1.82 crore.

Nettlinx, an internet, IT infrastructure initiative of the Nettlinx Group, the group traces its origins back to the inception of ISP (Internet service Provider) operations in 1994. With its headquarters in Hyderabad, the company has expanded its presence to encompass over 93 locations in the states of Telangana and Andhra Pradesh.

Nettlinx Limited has also delivered multibagger returns to its shareholders. During this period, shares of Nettlinx Limited surged from Rs 39.85 on July 29, 2022, to Rs 91.85 on July 28, 2023, an increase of about 130 per cent in a one-year holding period. Investors should keep a close eye on this stock.

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