Share price of an integrated solutions provider in the Power T&D space in India hit a 2% lower circuit at Rs. 926.8 in the trading session of Tuesday, after promoters proposed to sell up to 25.72 lakh equity shares in the company via an offer-for-sale.
With a market capitalisation of Rs. 4,884 crore, the shares of Diamond Power Infrastructure Limited (DPIL) opened at Rs. 926.08, compared to its previous closing price of Rs. 945.7.
According to the recent filings with the stock exchanges, the Promoters proposed offer-for-sale (OFS) of up to 25.72 lakh equity shares on May 28-29, with the floor price for the OFS fixed at Rs. 855 per Sale Share.
Specifically, Monarch Infraparks Private Limited intends to sell up to 12,86,302 shares, which accounts for approximately 2.44% of Diamond Power’s total paid-up equity share capital.
Similarly, GSEC Limited proposes to sell up to 12,86,303 shares, representing another 2.44% of the company’s equity.
As of March 2024, the promoters GSEC and Monarch Infraparks Private held nearly 1.85 crore and 70 lakh equity shares in the company, representing a 35.11 percent stake and a 13.28 percent stake, respectively.
DPIL also announced its financial results for FY24 on Monday post-market hours, with an increase in the revenue from operations from Rs. 14 crore in Q4 FY22-23 to Rs. 134.41 crore in Q4 FY23-24, indicating a growth of 853.3 percent YoY, and increased by 124 percent QoQ from Rs. 60 crore in Q3 FY23-24 to Rs. 134.41 crore in Q4 FY23-24.
The consolidated net profit of the company stood at Rs. 14.41 crore in Q4 FY23-24, increasing from a loss of Rs. 5.3 crore in Q3 FY23-24, while on a year-on-year basis, it grew from a loss of Rs. 13.62 crore in Q4 FY22-23.
The stock has delivered multibagger returns of nearly 4,279.4 percent in the last one year and around 880.2 percent in six months. So far in 2024, the company has given about 524.7 percent of multibagger returns.
As per the shareholding pattern of March 2024, the promoters hold a 95.47 percent stake in the company, Foreign Institutional Investors hold a 0.03 percent stake, while retail investors hold a 4.5 percent stake in the company.
Established in 1970 as a fledgling ACSR conductor manufacturing facility, Diamond Power Infrastructure Limited is currently India’s largest and only integrated manufacturer of power transmission equipment.
The company provides turnkey services in T&D, manufactures Power Cables, Power & Distribution Transformers, Transmission & Distribution Conductors, and Transmission Towers.
Written by Shivani Singh
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