The share of the aquaculture company gained up to 5 percent after the company received sanction for enhanced working capital limit from Punjab National Bank.
With a market capitalization of Rs 390.30 crores, the shares of Kings Infra Ventures Ltd were trading at Rs 166.00 per share, increasing around 3.52 percent compared to the previous closing price of Rs 160.35 per share.
According to the company filing, Kings Infra Ventures Ltd has received sanction for enhanced working capital limit from Punjab National Bank. Additionally, the company has shown consistent growth in its financial for FY 22-23.
Furthermore, The Company was able to secure two long-term contracts for the supply of Vannamei shrimp to China & US markets. The quantity of orders to order from each destination is over Rs 100 crore per annum, King Infra has also entered into an arrangement as a Merchant Exporter with a leading processing plant.
Punjab National Bank, which has supported the company’s growth over the years, has approved the proposal and sanctioned additional Cash Credit, LC, non-LC bill discounting Export Packing credit, and bank guarantee from the current limits of 23 Cr to over 40 Cr.
Moreover, This decision was made in light of the company’s track record of success, financial performance, and growth initiatives planned for implementation.
Looking into Kings Infra Ventures Ltd’s performance, revenue increased by 50 percent from Rs 14.14 Crore in Q2FY23 to Rs 21.23 Crore in Q2FY24. During the same time frame, net profit increased by 74 percent from Rs 1.27 crore to Rs 2.21 crore.
Kings Infra Ventures Ltd is involved in aquaculture farming, seafood processing, aquaculture consultancy, international marine product trade, building infrastructure related to food, and domestic marketing and supply of retail packaged marine products.
Written By:- Abhishek Singh
