Shares of this microcap clocks 10 percent upper circuit in Thursday’s trading session after announcing the launch of an EV battery charger. The shares have delivered a multibagger return of 249 percent to its investors in one year.
With a market capitalization of Rs. 942 crores, the shares of MIC Electronics Ltd started Thursday’s trading session on a higher note at Rs. 39.30 compared to its previous close of Rs. 38.75. During the trading session, the shares clocked 10 percent upper circuit at Rs. 42.60 apiece.
Such a bullish movement in the share price was observed after the company in an exchange filing announced that it had developed a 42V/3A electric vehicle (EV) battery charger for e-cycles and two-wheelers, which may play a crucial role in ensuring the efficient and convenient charging of the batteries that power EV vehicles.
Furthermore, they mentioned that these EV battery chargers will be launched shortly, and commercial operations will begin in March 2024. Moreover, the company is also developing high power-rating Electric vehicle (EV) Battery Chargers (Models 72V/6A and 72V/10A) for e-cycles and two-wheelers.
Coming onto the company’s financial statement, the revenue zoomed by 25 percent from Rs. 8.26 crores during the June quarter to Rs. 10.31 crores in the September quarter. In addition, the net profits magnified by 609 percent from Rs. 1.24 crores to Rs. 8.80 crores during the same period.
Looking at the important financial ratios, the return on equity was recorded at 0.24 percent during FY22-24 and the return on capital employed stood at 1.07 percent during the same period. On the other hand, the net profit margin was at 2.47 percent during FY22-23.
According to the latest shareholding pattern, the Promoters have 74.63 percent of the stake and the remaining 25.37 percent of shares are with the Retail Investors.
Headquartered in Telangana, MIC Electronics was incorporated in 1988. The company is a global leader in the design, development and manufacturing of LED Video Displays, high-end Electronic and Telecommunication equipment and development of Telecom software.
Written By Vaibhav Patil
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