Shares of the company engaged in import and export jumped 2 percent after tieing up with an agri commodity company based in Vietnam. The shares have delivered a multibagger return of 329 percent to its shareholders in one year.
With a market capitalization of Rs. 369 crores, the shares of Growington Ventures India Ltd started Wednesday’s trading session positively at Rs. 229 compared to its previous close of Rs. 225.25. The share hit a high of Rs. 229.95, gaining 2 percent and are currently trading at Rs. 229 apiece.
Such a positive movement in the share price was observed after the company in an exchange filing announced that through its subsidiary company Elementures Foodstuff Trading L.L.C had made arrangements and tied up with an agri commodity company based in Vietnam for a regular supply of Dragon fruits, Coconut, Guava, Lime and other agri products from 1st quarter of calendar year 2024.
Furthermore, the company also in turn made an arrangement with wholesalers in the UAE to supply in hotels, restaurants and a chain of stores for retail distribution.
Digging into the company’s financial statement, the revenue increased from Rs. 1.23 crores during FY21-22 to Rs. 19.63 crores in FY22-23. In addition, the net profits showcased a transformation from a net loss of Rs. 3 lakhs to a net profit of Rs. 1.26 crores during the same period.
Looking at the important financial ratios, the return on equity (RoE) transformed from a negative RoE of 0.45 percent during FY21-22 to a positive RoE of 10.75 percent during FY22-23. On the other hand, the return on capital employed (RoCE) zoomed from 0.48 percent to 14.38 percent during the same timeframe.
According to the latest shareholding pattern, the promoters hold a 42.70 percent stake in the company and the remaining 57.30 percent is with the Retail Investors.
Headquartered in Mumbai, Growington Ventures India Ltd was incorporated in 1981. The Company used to deal in holiday travel packages but shifted to the business of exporting and importing Premium Quality Fruits.
Written By Vaibahv Patil
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