Multibagger stock recognized by the Prime Minister of India, Shri. Narendra Modi hits 2 percent upper circuit in the day’s trade after it declared robust quarter ended September (Q2FY24) Results.
At 12:20 p.m the shares of Eco Recycling Limited hit 2 percent upper circuit at Rs. 248.90 per share and its market capitalization is Rs. 461 Crores.
As per the company’s filing, Eco Recycling Limited has released their quarter ended September (Q2FY24) results and it is as follows
Its Revenue from Operations grew 96.67 percent YoY from Rs. 3.61 Crores in Q2FY23 to Rs. 7.10 Crores in Q2FY24 and it grew 31.72 percent QoQ from Rs. 5.39 Crores in Q1FY24 to Rs. 7.10 Crores in Q2FY24.
Its Net Profit grew 78.42 percent YoY from Rs. 3.43 Crores in Q2FY23 to Rs. 6.12 Crores in Q2FY24 and it grew 29.93 percent QoQ from Rs. 4.71 Crores in Q1FY24 to Rs. 6.12 Crores in Q2FY24.
It has delivered multibagger returns of 107 percent in a year and 104 percent in the last six months. A shareholders investment of Rs. 1 Lakh in the company would be worth Rs. 2.07 lakh in a year.
The company was recognised by P.M. Shri Narendra Modi for innovation in the e-waste sector in his 97th “Mann Ki Baat” Episode and it was acknowledged by Union Minister Dr. Jitendra Singh, by the strategic partnership between the Technology Development Board (TDB) and Eco Recycling Limited.
In response to Prime Minister Modi’s call for heightened awareness regarding proper e-waste disposal. This groundbreaking e-waste management project has received a generous financial support of Rs 6.00 crore from TDB.
According to the company’s financial statements its revenue grew 16.02 percent from Rs. 15.29 Crores in FY22 to Rs. 17.74 Crores in FY23, accompanied by decreasing profits of Rs. 12.69 Crores to Rs. 6.19 Crores.
It has reported a return on equity (ROE) of 13.51 percent and a return on capital employed (ROCE) of 13.01 percent, its profitability ratios have gone down due to decrease in its recent year’s profits.
Eco Recycling Limited is engaged in the business of providing an end to end seamlessly integrated solution for e-waste management and Recycling.
Written by: Bharath K.S
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.
