Solar Pumps Penny Stock Below Rs 40 In Focus As Company Reports Exceptional Results for Q2FY24 and Bags Orders Worth Rs 33,37,50,000
From Rs 13 (52-week low) to Rs 33.20 per share, the stock gave multibagger returns of over 150 per cent.
On Wednesday, shares of Latteys Industries Ltd plunged 5 per cent to Rs 33.20 per share from its previous closing of Rs 34.95 per share with an intraday high of Rs 35.40 and an intraday low of Rs 33.20. The stock’s 52-week high is Rs 48.63 and its 52-week low is Rs 13. From Rs 13 (52-week low) to Rs 33.20 per share, the stock gave multibagger returns of over 150 per cent.
Latteys Industries Limited is a leading company in the energy-efficient Solar Submersible Pump sector, specializing in manufacturing pumps and pumping equipment. Their products cater to diverse needs, including residential, agricultural, and industrial applications. Operating within India, the company boasts a market capitalization of Rs 211.5 crore and has experienced significant growth, with a 3-year stock price CAGR of 60 per cent. In the fiscal year 2024, Latteys Industries further solidified its position by achieving a 21.7 per cent increase in net sales to Rs 63.65 crore and a 15 per cent rise in net profit to Rs 1.50 crore compared to the previous year.
The company's revenue experienced a robust 18.90 per cent year-on-year growth, surging from Rs 1,575 lakh to Rs 1,873.46 lakh. Notably, net profit soared by a significant 176.40 per cent, climbing from Rs 25.37 lakh to Rs 70.12 lakh, accompanied by a sequential growth of 86.20 per cent. This strong performance translated into a remarkable threefold increase in earnings per share (EPS), jumping from Rs 0.04 to Rs 0.12. As Latteys Industries continues to expand its operations across key states like Madhya Pradesh, Maharashtra, Gujarat, Rajasthan, Jharkhand, and Uttar Pradesh, the company is poised to play a pivotal role in India's green energy transition. With a strategic focus on untapped markets, Latteys Industries is well-positioned to solidify its market presence and drive sustainable growth.
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Latteys Industries Limited has secured a significant order worth Rs 1,87,50,000 plus GST from Diligent Services, Ranchi, to supply Solar Submersible Pumps to the Government departments of Jharkhand & Maharashtra. The contract, awarded by a domestic entity, is a work order that must be executed within three months from the date of the letter of award. Key terms and conditions of the contract include the timely delivery and installation of the Solar Submersible Pumps, adherence to quality standards, and compliance with government regulations.
Additionally, Latteys Industries has secured a significant order for Solar Submersible Pumps worth approximately Rs 1.5 crore plus GST from a domestic OEM. The order, awarded as a work order, is to be executed within three months from the date of the letter of award. Furthermore, the company has won a prestigious government tender under the PM-KUSUM scheme, valued at Rs 30 crore. This order, awarded by the Rajasthan Horticulture Department, involves the supply and installation of 1,000 solar water pumping systems across the state and is expected to be completed by March 2025.
Investors should keep an eye on this solar penny stock.
Disclaimer: The article is for informational purposes only and not investment advice.