Shares of this multibagger stock under the ‘small-cap’ category rose around 15 percent on Monday post-release of Q1FY23-24 financial results. The stock also hit its fresh 52-week high mark today.
With a market capitalization of Rs 4,300 crores, the stocks of Technocraft Industries (India) Limited are currently trading at Rs 1,888, a gain of around 15 percent as compared to the previous close of Rs 1,644.25 apiece. The scrip recorded an intra-day high price of Rs 1,890 which was also registered as the company’s new 52-week high mark.
Keeping a purview of one year, the company’s scrip has proven to deliver multibagger returns of 105 percent to its stakeholders, i.e., a Rs 1 Lakh investment would have converted to Rs 2.05 Lakhs within a period of one year if someone would have invested in the company’s shares.
Such a spike in the company’s stock prices was caused after the company its financial results for Q1FY23-24 in a regulatory filing with the Bombay Stock Exchange (BSE).
The company, on a QoQ basis, showed decent growth in the basic business indicators such as the operating revenues and net profits with the former moving up from Rs 480 crores during Q4FY22-23 to Rs 557 crores during Q1FY23-24, and the net profits rising from Rs 50 crores to Rs 91 crores indicating an increase of around 82 percent.
In addition, the company reported decent growth in the metrics mentioned above on a YoY basis as well with the operating revenues taking a shift from Rs 539 crores during June 2022 to Rs 557 crores during June 2023, and, the net profits, during the same time horizon, moving from Rs 72 crores to Rs 91 crores.
According to the shareholding pattern data available for the June 2023 quarter, the Promoters hold a 74.61 percent stake followed by the Retail Investors holding a 20.68 percent stake in the company.
With a presence within and outside India, Technocraft Industries (India) Limited is involved in the business of engineering, textiles, drum closures, scaffolding, etc. The company offers a wide range of products including closures, knitted and crocheted cotton fabrics, among others.
Written by Amit Madnani
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