President of India bought 41,76,62,944 shares of this multibagger stock under Rs 60; Company reported a turnaround net profit after 5 years!

The stock gave multibagger returns of 320 per cent in just 1 year whereas BSE Small-Cap Index is up by 62 per cent.

IFCI Ltd, formerly called the Industrial Finance Corporation of India, is a government-owned non-banking financial institution established in 1948 specifically to provide long-term financial backing for industrial projects in India. The company, now a Non-Banking Financial Company (NBFC), supports a wide range of industries including airports, roads, telecommunications, power, real estate, manufacturing, and the service sector.

The company announced stellar Quarterly Results (Q4FY24) and annual results (FY24). According to quarterly results, the net sales increased by 46.4 per cent to Rs 605.42 crore in Q4FY24 compared to Rs 413.65 crore in Q4FY23. The company reported a turnaround net profit of Rs 157.32 crore in Q4FY24 compared to a net loss of Rs 241.18 crore in Q4FY23, thus increasing by 165.2 per cent.  

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The company showed a strong turnaround in its financial performance for FY24. Net sales climbed 17.2 per cent to Rs 1,986.58 crore compared to Rs 1,694.64 crore in FY23. Even more significantly, the company ended a five-year streak of net losses by reporting a turnaround net profit of Rs 241.05 crore in FY24, a substantial increase of 301.2 per cent compared to the net loss of Rs 119.78 crore in FY23. This marks a positive shift in the company's financial health.

The President of India's portfolio (under the ownership of the Ministry of Finance, Government of India) bought 41,76,62,944 shares and increased their stake to 71.72 per cent in March 2024 compared to 66.35 per cent in March 2023. The company has a market cap of over Rs 13,000 crore. The stock gave multibagger returns of 320 per cent in just 1 year whereas BSE Small-Cap Index is up by 62 per cent. Investors should keep an eye on this stock.

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