Share price of this small-cap stock engaged in the business of construction of residential, commercial and infrastructure projects, hit 5% upper circuit at Rs. 847.2 in the trading session of Tuesday, after reporting a rise in net profit by 12.2 percent QoQ and 351 percent YoY.
With a market capitalisation of Rs. 7,064.6 crore, Ganesh Housing Corporation Limited has delivered multibagger returns of 137 percent in the last one year and 122.3 percent in the last six months. So far in 2024, the stock has given 100.7 percent of multibagger returns.
The fluctuations in the share prices were observed after the company announced the financial results for Q4 FY23-24 and FY24, through the recent filings with the stock exchanges on Tuesday.
Ganesh Housing witnessed a rise in revenue from operations by 52.6 percent QoQ from Rs. 181.43 crore in Q3 FY23-24 to Rs. 276.8 crore in Q4 FY23-24, and increased by 44.7 percent YoY from Rs. 616.34 crore in FY22-23 to Rs. 892 crore in FY23-24.
The net profit of the company grew by 12.2 percent QoQ from Rs. 100.55 crore in Q3 FY23-24 to Rs. 112.8 crore in Q4 FY23-24 and increased by 351 percent YoY from Rs. 102.15 crore in FY22-23 to Rs. 460.7 crore in FY23-24.
Earnings Before Interest, Taxes, Depreciation, and Amortization or EBITDA grew 146 percent to Rs. 899 crore in FY23-24, while the EBITDA margin improved from 41.3 percent in FY22-23 to 70.1 percent in FY23-24.
The company continue to remain debt-free from a peak debt of Rs. 648.6 crore in FY18-19 and has a strong balance sheet with Rs. 230.6 crore cash surplus.
Ganesh Housing has a robust project pipeline with a well-structured project pipeline towards developing 31.1 msf, generating sales value exceeding Rs. 16,000 crore.
Further, the company’s Board recommended a dividend of Rs. 11 per equity share of face value Rs. 10 each for FY23-24.
Founded in 1965, Ganesh Housing Corporation Limited is one of the leading real estate developers of Gujarat. The company is engaged in the business of construction and real estate development in and around Ahmedabad.
Written by Shivani Singh
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