The shares of this agro company rose 2 percent to Rs 81.38 a share on Thursday after the Madhya Pradesh Electricity Regulatory Commission approved the company’s petition.
At 12:10 p.m., Tirupati Starch & Chemicals Ltd shares were trading at Rs 80 per share, up 0.28 from the previous close price. The company has a market capitalization of Rs 64 crore.
According to the company’s exchange filing, Tirupati Starch & Chemicals filed a petition with the Hon’ble Madhya Pradesh Electricity Regulatory Commission, Bhopal (Authority) on 14th August 2023, challenging the demand for Additional Surcharge towards captive power consumption raised by Madhya Pradesh Paschim Kshetra Vidyut Vitaram Company Limited (MPPKVCL), and the Authority ruled in the company’s favor. As a result, the Company’s contingent obligation of Rs. 175.79 Lakhs is no longer present.
The company’s revenue has declined by 24 percent year on year, from Rs 99 crore in Q1FY23 to Rs 75 crore in Q1FY24. During the same period, Net profit has increased by 200 percent by 41 percent from Rs 0.39 crore to Rs 0.55 crore.
For the recent financial year, the company reported a return on equity of 14.27 percent and a return on capital employed of 13.98 percent.
Tirupati Starch & Chemicals shares have delivered a return of 19 percent in the previous six months, and a return of 9 percent in a year.
According to the latest shareholding pattern, the promoters of the company hold a 67.99 percent stake, and retail investors hold a 31.7 percent stake.
Tirupati Starch & Chemicals Ltd manufactures Starch, Dextrose Anhydrous, and other Products. The product range of the company includes Starch & its By Products, Dextrose Anhydrous IP, Dextrose Monohydrate, Liquid Dextrose, Glucose-D, and Hydrol.
Written by Omkar Chitnis
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