Shares of this Micro-cap stock engaged in the “Agrochemical” sector surged up to 20 percent today after announcing its financial reports for Q1FY23-24.
With a market capitalization of Rs 700 crores, the stocks of Dharmaj Crop Guard Limited started their trading session at Rs 197.95 and currently trade at Rs 202. The scrip witnessed an intra-day high of Rs 205.35 indicating a gain of approximately 20 percent as compared to the previous closing levels of Rs 171.15 apiece.
Such sharp movements in the stock prices are observed after the company, in a regulatory filing with the Bombay Stock Exchange, announced the financial results for the quarter ended June 2023.
The company’s basic operational financials, on a quarterly basis, reported drastic improvements with the revenues more than doubled from Rs 74 crores during Q4FY22-23 to Rs 162 crores during Q1FY23-24. The net profits, during the same time horizon, moved from Rs 1.25 crores to Rs 14.50 crores representing an increase of 1,060 percent.
Comparing Q1FY22-23 and Q1Y23-24, the metrics mentioned above showed decent growth with the operating revenues increasing from Rs 137 crores to Rs 162 crores, and, the net profits taking a shift from Rs 10.20 crores to Rs 14.50 crores.
The company reported net profit margins of 6.20 percent. Moreover, the profitability ratios such as the return on equity (RoE) were reported at 10.30 percent, and, the return on capital employed (RoCE) at 13.02 percent.
According to the company’s latest shareholding pattern for the June 2023 quarter, the Promoters hold a 70.4 percent stake, and the Foreign Institutional Investors (FIIs) hold a 5.02 percent stake in the company.
Dharmaj Crop Guard Limited is involved in the process of manufacturing pesticides and includes concessionaires of products such as insecticides, fertilizers, herbicides, pest control, etc. The company also deals with other allied products related to technical and research formulations.
Written by Amit Madnani
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