Shares of this microcap metal company gained 4 percent today after the company announced a new order worth Rs. 15 crores and acquisition of a new plant in Jamnagar.
At 10:05, 23th October shares of Sprayking Agro Equipment Ltd were trading at Rs. 206 per share, up by 4 percent from previous closing price of Rs. 197.75 per share.
Such bullish stock price movements were observed after the company announced through a regulatory filing on Bombay stock exchange (BSE) that they have received orders worth Rs. 15 crores for supply of brass parts. Recently, the company has also purchased a 3000 square metre modern manufacturing facility in Jamnagar Gujarat, which will help the company strengthen its market position.
Moving onto the financials of the company, revenue increased by almost 8 times to Rs. 16.34 crores in Q1FY24 from Rs. 2.75 crores in Q1FY23, in the same time period net profit went from Rs. 0.03 crores to 1.04 crores.
Looking at the profitability ratios, the company reported return on equity (ROE) of 10.04 percent and return on capital employed (ROCE) of 13.82 percent in the last financial year.
Sprayking Agro Equipment Limited manufactures agricultural sprayer parts, Irrigation parts, garden fittings since 1994. They manufacture OEM parts for some of the giant companies of India in agricultural sectors.
Written by: Vinit Israni
