Shares of this fintech company clocked 5 percent upper circuit in Wednesday’s trading session after onboarding India’s Fastest Growing Metal Marketplace. In six months, the shares have delivered a multibagger return of 154 percent to its shareholders.
With a market capitalisation of Rs. 714 crores, the shares of Veefin Solutions Ltd started Wednesday’s trading session on a higher note at Rs. 326.80 compared to its previous close of Rs.321.10. During the trading, session the shares clocked 5 percent upper circuit at Rs. 337.15 apiece.
Such a bullish movement in the share price was observed after the company in an exchange filing announced that it had recently added Metalbook as its client. Metalbook is India’s full-stack tech-enabled player in the metal industry by streamlining the processes of buying, selling, customizing and recycling metals.
Furthermore, the company mentioned that they have embedded its cutting-edge Supply Chain Finance platform into Metalbook’s extensive network of metal suppliers and buyers, which allows Metalbook to offer financing to its network from hundreds of lenders in the country, eliminating the need for cumbersome one-on-one integrations with each lender, which can lead to saving of significant resources.
Looking at the company’s financial statement, the revenue zoomed by 115 percent from Rs. 6.5 crores during FY21-22 to Rs. 14.08 crores in FY22-23. On the other hand, the net profits magnified from Rs. 91 lakhs to Rs. 4.28 crores during the same period.
Due to increasing operating revenue and profits on a YoY basis, the profitability metrics of the company improved with the return on equity (RoE) increasing from 9.67 percent during FY 21-22 to 16.01 percent in FY 22-23, and, the return on capital employed (RoCE) zoomed from 7.16 percent to 18.37 percent during the same timeframe. Furthermore, the net profit margin increased from 13.89 percent during FY21-22 to 30.40 percent during FY22-23.
Headquartered in Mumbai, Veefin Solutions was incorporated in 2020. The company is one of the leading financial products and digital solutions providers that offer innovative solutions in the areas of Supply Chain Finance and Digital Lending. The company specializes in software for supply chain finance and has a diverse clientele, including banks, financial institutions, fintech firms, B2B marketplaces, and large corporates
Written By Vaibhav Patil
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
