52-week high alert: This multibagger telecom infrastructure company reports a 232 per cent jump in net profit!
The stock gave multibagger returns of over 200 per cent from its 52-week low.
Kore Digital Limited operates as a telecommunication infrastructure provider and offers high-end communication solutions to corporate and telecom network operators. The company announced its half-yearly results for the fiscal year 2024. Here are the details:
Half-yearly Results: The net sales increased by 143.78 per cent to Rs 15.02 crore, operating profit increased by 216.28 per cent to Rs 4.41 crore and net profit increased by 232.26 per cent to Rs 3.11 crore in H1FY24 compared to H1FY23. The company has Rs 25 crore in receivables, which is 1.66 times its 6-month sales of Rs 15.02 crore.
According to annual results, the net sales increased by 25.59 per cent to Rs 21.27 crore and net profit increased by 47.8 per cent to Rs 3.22 crore in FY23 compared to FY22.
Earlier, the company received a work order worth Rs 10 crore for the erection of towers in Maharashtra from BSNL. This contract will boost the company's order book and help it expand its operations in PAN India.
The company's Managing Director, Mr Ravindra Doshi, also briefed the Board on its future guidance for FY24, which projects sales at Rs 32 crore and PAT of Rs 4.5 crore. The company also signed an agreement with Rail-Tel Corporation Ltd and Maharashtra State Road Development Corporation Limited.
On Monday, shares of Kore Digital gained 6.20 per cent and reached an intraday high & 52-week high of Rs 372 per share. At the closing bell, shares of the company were trading at Rs 357 per share, up 1.93 per cent. The company has a market cap of Rs 126 crore.
Kore Digital Limited's stock began trading on the National Stock Exchange (NSE) as an SME on June 16, 2023, at Rs 172.35 per share. Each lot consisted of 800 shares.
The shares of the company have an ROE of 78 per cent and a ROCE of 85.9 per cent. The stock gave multibagger returns of over 200 per cent from its 52-week low of Rs 123.25 per share. Investors should keep an eye on this stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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