Knowledge Marine & Engineering Works remained in focus on Friday after the company got an extension of one of its existing contracts. The stock was trading at Rs 1,000 levels till the afternoon.
Syama Prasad Mookerjee Port, Kolkata, has extended the existing contract of Indian Ports Dredging Private Limited, a subsidiary company of Knowledge Marine & Engineering Works Limited, for an additional period of six months at an estimated cost of Rs. 2.52 crores.
The work is related to “Dredging of Lock and Approach Jetty and De-siltation of Grooves, Cambers of Lock Gates and Dry Dock Gates at KPD and NSD”.
Knowledge Marine & Engineering Works provides multiple marine engineering solutions across dredging and port ancillary craft services. It is an established player in the dredging and small-craft business segment in India.
A year ago the stock was trading at Rs 144 a piece on BSE. From there, it has spiked up to the current levels logging a multibagger return of 590 percent in a year. This means that if an investor had invested Rs 1 lakh in the company a year ago, their investment would be worth Rs 6.90 lakhs today.
In the span of six months, the stock has logged a return of 92 percent, rising from Rs 520 in August 2022 to the present levels. However, in the past month, the stock has declined by 17 percent.
The company is yet to publish its Q3 results. In Q2FY23, their revenue grew multifold to Rs 117.76 Crores up from Rs 13.03 crore in the same period last year. In the quarter, their net profit stood at Rs 23.14 Crore which increased from Rs 3.38 Crore in Q2FY22.
The multibagger stock is a part of ace investor Ashish Kacholia’s portfolio who recently bought 2,50,000 shares or a 2.31% stake in the company with a holding value of Rs 25 Crore.
Written by Anoushka Roy
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