The shares of the leading PET Waste Recycling company gained around 3.2 % to an intraday high of ₹1,198.55 per share a day after the essel industries sold 1.35 lakh equity shares via bulk deal.
At 11:40 a.m., Ganesha Ecosphere Ltd shares were quoted at ₹1,189 per share, up 2.42 percent from the previous close price. The company has a market capitalization of ₹3,041 crore.
According to NSE bulk deal data, on May 27th, 2024, Essel Industries Pvt Ltd sold 135,398 equity shares at ₹1,150.14 per share.
Essel Industries Pvt Ltd provides wholesaling services, including acting as commission agents, commodity brokers, auctioneers, and trading on behalf of others.
Recently, Ganesha Ecosphere’s board approved raising ₹350 crores through Qualified Institutions Placement (QIP). The funds will be used to expand capacities in the B2B portfolio.
Ganesha Ecosphere Ltd is a leading PET waste recycling company in India, manufacturing Recycled Polyester Staple Fibre (RPSF), spun yarn, and dyed texturized yarn.
In FY24, the company recycled 6 billion bottles, up from 3.35 billion bottles in FY13, achieving a CAGR of 6.50% over the last 10 years. It operates four facilities and serves more than 500 customers across India.
The company is the largest PET bottle recycler in India, processing over 16% of the country’s PET bottle waste annually. It has a network of over 250 suppliers and serves 500+ customers domestically and internationally, with more than 500 SKUs in its product portfolio.
Ganesha Ecosphere sells its products primarily to textile manufacturers and is a key supplier to major OEMs. Approximately 65% of its total sales are to the spinning segment, 25% to the technical non-woven segment, and the remaining 10% to the stuffing segment.
Ganesha Overseas in Nepal began commercial production in February 2023, with current capacity utilization at 70% and expected to exceed 80% by the end of Q3 2024.
Ganesha Ecosphere Ltd shares have gained 20% in the last six months and 21% over the past year. The company’s revenue increased by 1.3% year on year, from ₹302 crore in Q4FY23 to ₹306 crore in Q4FY24, with net profit rising by 47% from ₹15 crore to ₹22 crore during the same period.
Written by Omkar Chitnis
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