Shares of this market leader stock jumped around 7 percent in Friday’s trading session after the company announced financial results for the quarter ended December 2023. In the past six months, the company’s stock has gained nearly 50 percent for its stakeholders.
With a market capitalization of Rs 5,113.54 crores, the stocks of Pricol Limited started their trading session on Friday at Rs 399.35 and currently trade at Rs 414, gaining nearly 7 percent compared to the previous closing levels of Rs 388.75 apiece.
The company’s shares witnessed an intra-day high price of Rs 429 which is also marked as the company’s fresh 52-week high price.
Such bullish stock price movements were observed after the company, through a regulatory filing with the Bombay Stock Exchange (BSE), announced the financial results for the quarter ended December 2023.
During the recent financial quarters, the company reported a jump in both the prime indicators of business, viz, operating revenues as well as after-tax profits. The former took a shift from Rs 557 crores during Q2FY24 to Rs 563 crores during Q3FY24, and the after-tax profits, during the same period, rose marginally from Rs 33 crores to Rs 34 crores.
Moreover, the company, yearly too, reported an increase in both metrics mentioned above with the operating revenues rising from Rs 458 crores during Q3FY23 to Rs 557 crores during Q3FY24, and the latter, keeping the timeframe the same, shifted from Rs 27 crores to Rs 34 crores representing an increase of around 26 percent.
As per the latest shareholding pattern data for the December 2023 quarter, the company’s Promoters hold a 38.51 percent stake, and the Foreign Institutional Investors (FIIs), recently increasing their stake, currently hold a 6.5 percent stake in the company.
Pricol Limited is a company based in India that is engaged in the business of manufacturing and trading automotive components. The product portfolio of the company includes dashboard Instruments, switches and sensors, pumps & mechanical products, and others. The company generates the majority of its revenue from domestic operations.
The company has approximately 65 percent market share in ‘cluster instruments’. Cluster instruments include speedometers, odometers, tachometers, oil pressure gauges, fuel gauges, etc.
Written by Amit Madnani
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