Debt free turnaround micro-cap company: Profits skyrocketed by 4,400 per cent - Posts record revenue and profits, hit upper circuit today; must watch!

The company’s share has delivered a return of 350 per cent to its shareholders in the past three years.

Incorporated in 1989, The company is a manufacturer and distributor of Electronic Weighing Scales, Currency Counting Machines, Taxi Fare Meters, and similar products. The company operates under the brand name Phoenix and specializes in manufacturing Electronic Weighing Scales and Systems, Currency Counting Machines, and Electronic Fare Meters. Notably, it supplies machines to various state governments as part of the Child Growth Monitoring Systems (CGMS) program, boasting advanced technology support for data collection, plotting, MIS, and dissemination.

Nitiraj Engineers Ltd boasts a widespread sales and service network comprising 13 Branch offices and 430 Dealers and distributors across the Middle East and SAARC Countries. Additionally, the company has an associate entity dedicated to software development, software solutions, IT consulting services, and IT-enabled services.

The company has announced stellar results as per the Quarterly Results in Q4 FY24, Nitiraj Engineers posted a revenue of Rs 52.58 crore, reflecting a growth of 362 per cent YoY compared to the same quarter in the previous year, when the revenue stood at Rs 11.37 crore. The company posted an operating profit of Rs 10.76 crore for the quarter, in contrast to an operating profit of Rs 1.14 crore in the corresponding quarter of the previous year. Furthermore, the company reported a net profit of Rs 7.42 crore representing a growth of around 4465 per cent, compared to a net loss of Rs 0.17 crore in the same period last year.

Turning attention to the annual results in FY24, the company witnessed a surge in revenue by 118 per cent, reaching Rs 100 crore. Additionally, the company reported a transition from a net loss of Rs 12 crore to a net profit during the same period. Furthermore, the company became almost debt-free, reducing its debt from Rs 3 crore in FY23.

Share Performance:

On Wednesday, the company's stock closed at around Rs 218.20 per share, with a market capitalisation of Rs 223.68 crore. Additionally, the stock has delivered a multibagger return of around 193 per cent in just 1 year.

Investors must keep this micro-cap stock on their radar.

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