Promoter Increase Stake: Microcap Company Posts Stellar Results, Profit Surges by 150 Per cent and Revenue by 665 Per cent – Stock Hits Upper Circuit Today
The company’s shares have delivered an impressive return of around 100 per cent to its shareholders in the past 6 months only.
This micro-cap company was established in December 2022 and is engaged in providing IT hardware solutions. The company sells and rents a range of IT equipment, including laptops, desktops, servers, and workstations. Additionally, it offers IT solution services to corporate clients, such as managing cloud servers and servicing IT equipment.
Today, the shares of Slone Infosystems rallied and hit the upper circuit despite the broader market witnessing bearishness. Finally, the shares of Slone Infosystems closed at around Rs 230.05 per share. The company’s current market capitalization stands at Rs 121.21 crore. The stock has delivered a multibagger return of over 190 per cent compared to its IPO issue price of Rs 79 each and around 105 per cent in the past 6 months.
In the recent quarter which is September 2024, the company’s promoter has increased their stake from 73.01 per cent to 73.31 per cent by purchasing around 15,807 shares.
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The company doesn’t announce Quarterly Results and as per half-yearly results in Sep 2024 reported a revenue of Rs 153 crore compared to Rs 20 crore representing a growth of around 665 per cent YoY. The company posted an operating profit of Rs 7 crore with a margin of around 5 per cent compared to Rs 3 crore with a margin of 16 per cent. The company’s net profit stood at Rs 5 crore for the period compared to a profit of Rs 2 crore same quarter last year representing a growth of around 150 per cent YoY. This could be the potential trigger for the price rally.
Looking at the annual performance, the company generated a revenue of Rs 61 crore in FY24 compared to Rs 30 crore in FY23 representing a growth of 101 per cent YoY. The operating profit for FY24 was Rs 6 crore compared to Rs 1 crore in FY23. The company reported a net profit of Rs 4 crore compared to Rs 1 crore.
According to the shareholding pattern, promoters own 73.31 per cent, and public investors own 26.66 per cent.
Disclaimer: The article is for informational purposes only and not investment advice.