In Friday’s session, Microcap stock rose 6.4 percent to its 52-week high of Rs 103.7 from the previous close of Rs 97.4 after the company announced the sale of 30,000 equity shares in the open market.
According to International Conveyors Filling, Ms. Sujata Saraf promoter of the company sold 30,000 equity shares which is 0.05 percent of the company through the open market.
Furthermore, as a result of these sales, the company’s cumulative share will be reduced from 70.65 percent to 70.60 percent, or 4,47,45,939 equity shares.
According to the International Conveyors Limited report, the net revenue decreased by 33 percent year over year, from Rs 63.19 crore in Q2FY23 to Rs 42.19 crore in Q2FY24. Their revenue fell by 0.6 percent sequentially from Rs 41.90 crore in Q1FY24 to the current levels.
In addition, the company’s net profit rose by 177 percent year over year, from Rs 8.01 crores in Q2FY23 to Rs 22.20 crores in Q2FY24. Their profit increased by 52 percent on a quarterly basis from Rs 14.61 crore in Q1FY24 to the current levels.
International Conveyors Limited is a microcap company with a market capitalization of Rs 632 crores. The company’s promoters hold a 70 percent stake in the company and 30 percent owned by the general public.
International Conveyors Limited’s share price has risen by 75 percent year to date and by 84 percent in six months. The return on equity (ROE) of 13 percent, and a return on capital employed (ROCE) of 15.6 percent, with a dividend yield of 1.07 percent.
International Conveyors Limited (ICL), founded in 1973, is a manufacturer and marketer of solid woven PVC-covered conveyor belts. These belts are fire-resistant and antistatic, and they are primarily used in underground mines to transport minerals such as coal and potash.
Written by Sriram KV
