The shares of the kitchen appliances manufacturers fell around 5 percent after the Income Tax Department conducted a search in some of the premises and plants related to the Company.
With a market capitalization of Rs. 1,710 crores, the shares of Stove Kraft Ltd opened Wednesday’s trading session lower at Rs. 515 compared to its previous close at Rs. 517. The share hit a low of Rs. 486 making a loss of around 5 percent, and close at Rs. 497.20 apiece.
In an exchange filing, the company mentioned that the Income Tax Department raided some of the premises and plants related to the Company. Furthermore, they mentioned that the officials of the Company are cooperating with the officials of the Income Tax Department and are responding to the queries raised by them.
Looking at the financials of the company, the revenue increased by 27 percent from Rs. 297 crores in the June quarter to Rs. 379 crores in the September quarter. In addition, the net profit magnified by 101 percent from Rs. 8.2 crores to Rs. 16.52 crores during the same timeframe.
Coming onto the important financial ratios, the return on equity decreased from 16.95 percent in FY21-22 to 9.35 percent during FY 22-23. Moreover, the return on capital employed declined from 17.52 percent to 12.2 percent during the same period.
According to the BSE data, Ace Investor Mr. Ashish Kacholia, entering the stock in March 2022, currently holds 5.76 lakhs equity shares equivalent to a 1.8 percent stake in this company. The current holding value of his investment amounts to Rs. 28.8 crores.
According to the latest shareholding pattern, the Promoters have a 55.92 percent stake in the company, the Public or the Retail Investors have 41.24 percent of holdings, DIIs have 2.38 percent shares, and the remaining 0.46 percent are with FIIs.
Headquartered in Bengaluru, Stove Kraft Ltd was incorporated in 1999. The company manufactures cooking appliances under the Skava, Pigeon, and Gilma brands. The products that the company manufactures are mixer grinders, pressure cookers, cooktops, toasters, chimneys, and kitchen utensils. It sells its products in 23 states in India and 12 countries overseas.
Written By Vaibhav Patil
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