Shares of a company engaged in the business of poultry farming and allied activities hit a 20% upper circuit at Rs. 204.3 on Friday, after reporting financial results for Q1 FY24-25 with a rise in the net profit of 4260% QoQ alongside the Board’s approval for Rs. 15.7 crores fund raise.
With a market capitalisation of Rs. 77.5 crores, the shares of Simran Farms Limited opened at Rs. 204.3, as against its previous closing price of Rs. 170.25.
What’s the News:
The fluctuations in the share prices were observed after the company announced the financial results for Q1 FY24-25, through the recent filings with the stock exchanges on Wednesday post-market hours.
For Q1 FY24-25, revenue from operations reached Rs. 176.4 crores, reflecting a 67% YoY increase from Rs. 105.6 crores in Q1 FY23-24 and a 27.5% QoQ rise from Rs. 138.4 crores in Q4 FY23-24.
Additionally, the company’s consolidated net profit surged by 1353.3% YoY to Rs. 8.7 crores in Q1 FY24-25, compared to Rs. 0.6 crores in Q1 FY23-24, and increased by 4260% QoQ from Rs. 0.2 crores in Q4 FY23-24.
Further, the Board of Simran Farms Limited approved the proposal to raise funds of up to Rs. 15.7 crores through the issuance of convertible warrants.
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Stock Performance
The shares of Simran Farms have delivered positive returns of nearly 44.5% in one year, as well as around 15.5% returns year-to-date.
About the company:
Simran Farms Limited is involved in the business of integrated poultry and poultry products, and is mainly focused on integration/contract farming with poultry farmers and consolidation of poultry activities.
Written by Shivani Singh
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