Basmati Rice exporter shares jump 4.5 % after reporting 61% increase in net profits YoY
The shares of basmati rice exporter gained 4.5 percent to Rs 121.20 apiece on Wednesday following the company’s impressive June Quarter financial results.
At 1:35 p.m.,Sarveshwar Foods Ltd shares were trading at Rs 120.95 a share on the National Stock Exchange, up Rs 5.35 or 4.63 percent. The company has a market capitalization of Rs 370 crore.
The company reported consolidated net profit increased by 4 percent to Rs 2.90 crore in Q1FY24, compared to Rs 2.79 crore in the same quarter last year, while revenue fell by 5 percent to Rs 187 crore in the latest quarter, compared to Rs 197 crore in the same quarter last year.
In comparison to the previous quarter (Q4 FY 22-23), operational revenue increased by 45 percent from 129 crores in Q4FY23 to 187 crores in Q1FY24, Further net profit jumped by 61 percent from 1.8 crores to 2.9 crores.
In the previous year, the company’s share price has risen from Rs 56.20 to current levels, giving multibagger returns of 115 percent. As a result, if an investor purchased 1 lakh shares of a company in the previous year, their holdings are now worth 2.51 lakhs!
Sarveshwar Foods Limited is engaged in the manufacturing, trading, and export of Basmati rice.
According to the recent shareholding pattern, the promoters own 55.74 percent of the company, while foreign institutional investors hold 2.37 percent.https://tradebrains.in/features/basmati-rice-exporter-shares-jump-4-5-after-reporting-61-increase-in-net-profits-yoy/
Published Date: August 16, 2023