Gravita India’s shares surged 11% to an all-time high of Rs 567.30 on Wednesday after the company reported strong quarterly results. On Thursday, the stock retained momentum and was trading at Rs 561.45 levels.
Their net profit in the Q4 of FY23 stood at Rs 63.99 Crore, an increase of more than 40 percent YoY from Rs 45.6 Crore and 27 percent QoQ from Rs 50.47 Crore.
In the period, Gravita recorded revenue of Rs 748.93 Crore, an increase of 12 percent YoY from Rs 666.39 Crore. However, on a sequential basis, their revenues declined from Rs 789.28 Crore.
In addition to that, the board of directors of the company has also approved the payment of dividends. The company will pay a dividend of Rs 4.35 per share. The stock has a dividend yield of 0.94 percent.
Adding to the good news, the company’s step-down subsidiary Gravita Netherlands BV was provided a 34 million Euros ESG loan from European Developmental Financial Institutions.
Gravita India Ltd is one of the largest lead producers in India, with a global presence in 36 countries. The company’s business is specialized in four verticals: Lead Recycling, Aluminum Recycling, Plastic recycling, and Turnkey projects.
In the past six months, the stock has delivered a return of 53 percent and in the span of a year, it has delivered 83 percent. In a period of 3 years, the scrip has delivered an impeccable return of 1,424 percent as the share price has risen from Rs 34 levels in May 2020 up to the current levels.
As per the March shareholding pattern, Ace investor Ashish Kacholia holds a 2.31% stake or 1,484,399 shares of the company with a holding value of Rs 82.8 Crores. The promoters of the company hold a 73% stake and the FIIs have also shown interest in the company and hold a 3.08% stake.
Written by Omkar
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