Debt-free Micro-cap Company Strikes with 716 per cent profit growth with a Whopping Rs 2,93,13,695 deal

Q2 FY24 recorded a net profit of Rs 1.60 crore, marking a substantial Year-on-year increase of 716.32 per cent compared to Q2 FY23's net loss of Rs 0.22 crore.

Nitiraj Engineers has clinched an order from Chhattisgarh Medical Services Corporation Ltd. The agreement involves the delivery of 29,461 infant weighing scales, commanding a noteworthy value of Rs 2,93,13,695.

Financial Update

Nitiraj Engineers also released its financial results for the second quarter of fiscal year 2023-24 on November 8, 2023. The company reported a noteworthy increase in both revenue and net profit. In Q2 FY24, the revenue stood at Rs 15.90 crore, exhibiting a year-on-year increase of 0.34 per cent from Q2 FY23's figure of Rs 15.85 crore The Quarter-on-quarter increase was even more substantial at 35.87 per cent, with Q1 FY24 reporting revenue of Rs 11.70 crore.

The net profit figures demonstrated remarkable growth as well. Q2 FY24 recorded a net profit of Rs 1.60 crore, marking a substantial year-on-year increase of 716.32 per cent compared to Q2 FY23's net loss of Rs 0.22 crore. On a quarter-on-quarter basis, there was an 84.15 per cent increase from Q1 FY24's net profit of 0.87 crore.

Stable Stock Performance and Debt-Free Status

As of the latest update, Nitiraj Engineers' stock is trading at Rs 114. The company has maintained a stable financial position, being almost debt-free. This financial stability is likely to contribute positively to the execution of the recently secured order and may further boost investor confidence. Looking at a broader horizon for the past year investors have witnessed an impressive return of 47.89 per cent. The long-term investors who have held onto their positions for the last five years have experienced substantial growth, with returns soaring at an impressive 158.94 per cent.

About Company

Founded in 1989, Nitiraj Engineers Ltd has emerged as a key player in the manufacturing and sale of Electronic Weighing Scales, Currency Counting Machines, Taxi Fare Meters, and other precision instruments.

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