The Plastic Plumbing products company hit 20% upper circuit within the first hour on Monday after it reported outstanding Q1 FY24 results on Saturday. The stock is locked in at Rs. 68.55 and is 1.4% away from its 52 week high. The stock demonstrates strong momentum, indicated by positive community sentiment driving increasing volumes and its price being 18.3% above the 20 day moving average and 20.8% above the 200 day moving average.
Texmo Pipes & Products Ltd (“Texmo”) stock has given positive returns over all sub-year periods and the 1 year period. Over the 3 year period, the stock has returned 393.2%, meaning if you invested Rs. 1 lakh in Texmo 3 years ago, the position would be worth Rs. ~4.9 lakh right now. The stock saw 13x volumes compared to the weekly average.
Texmo reported a 25.7% YoY increase in Revenue from Rs. 162.5 crore to Rs. 204.3 crores. Net Profit grew at a staggering from Rs. 0.48 crore to Rs. 7.9 crore. The company reported EPS increase from 0.16 to 2.72, which is 17x higher than previous year, same period. Texmo does not have a complex capital structure. Texmo has a market cap od Rs. ~200 crores with low idiosyncratic risk indicated by beta of 0.57.
Texmo has a lower than Industry average P/B ratio at 0.82. It has a majority shareholding in the public float domain – 55%, promoters holding 44% and the rest owned by FIIs and DIIs. Pledges remain at 0 over the last 6 quarters and has no short interest. Texmo’s debt-to-equity has been reducing over the past 6 years, falling to 0.1 in 2023, all the way from 0.36 in 2019.
Texmo manufactures and trades in plastic pipes and fittings in India and exports internationally. It serves customers in government, quasi government agencies, and the private sector. Texmo Pipes and Products Limited was founded in 1999 and is headquartered in Burhanpur, India.
Written by Sandeep R
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