This e- waste recycling stock was green in the market today after the company joined hands with the government to work on creating technology for the efficient recovery of valuable elements from Li-on Batteries.
Share price of Eco Recycling opened at Rs. 215 levels and remained the same for his intra- day levels in the first half of the Wednesday market. The stock has returned 19.03% in the last one month and 70.01% in the last six months.
On 13 September 2023, the company announced its collaboration with the Centre for Materials for Electronics Technology (C-MET) which is under the Ministry of Electronics & Information Technology (MeitY), Government of India in order to create and introduce technologies capable of successfully recovering valuable elements for Li-ion batteries such as cobalt, nickel and magnesium.
Recent research shows that the lithium-ion battery market can grow at a CAGR of 37.5% annually. The cumulative market size is expected to grow from 2.9 GWh in 2018 to approximately 800 GWh by 2030. Recycling li-ion batteries is quite profitable as they contain various mining raw materials which are always in demand and it also promotes environmental sustainability.
Comparing its financials on a QoQ basis, the company made a revenue of Rs. 5.39 crore in Q1FY24 which is an increase of 8.8% from Rs. 4.95 crore in Q4FY23. Its net loss of Rs. 3.82 crore in Q4FY23 turned out to be a net profit of Rs. 4.5 crore in Q1FY24. It has a low debt to equity ratio of 0.03. The company maintains a good average return on equity for the last three years of 22.08.
Eco Recycling Limited is India’s top e-waste management company, providing e-waste management solutions. Asset removal, data destruction, e-waste recycling, asset recovery, and other services are among its offerings. The business served MNCs, retailers, government agencies, retail businesses, as well as other clientele. The business has established guidelines and benchmarks for the amount of time needed to manage e-waste from all around.
Written by Bhumika Khandelwal
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