The shares of the Jewellery company hit a 20 percent upper circuit after announcing strong June-September results. In six months, the stock has given more than 40 percent return to its stakeholders.
With a market capitalization of Rs. 54.28 crores, the shares of Dev Labtech Ventures Limited opened its Wednesday trading session on a positive note. The share opened at the Rs. 76 level and hit the upper circuit at Rs. 85.87 making a gain of around 20 percent and it is also recorded as the company’s fresh 52-week high.
Such a bullish sentiment was observed after the company announced its quarterly results. The company recorded an increase in revenue by 116 percent from Rs. 9.56 crores during H1 FY23 to Rs. 20.9 crores in H1 FY24. Subsequently, the net profit accelerated by 129 percent from Rs. 57 lakhs to Rs. 1.36 crores during the same period. At the same time, PAT margins stood at 6.25% in H1FY24.
Looking at the important ratios, the return on equity declined from 28.15 percent during FY 21-22 to 9.75 percent in FY 22-23. In addition, the return on capital employed decreased from 22.52 percent to 13.02 percent. On a contrasting note, Debt to equity ratio decreased from 0.6 times in FY 21-22 to 0.06 times in FY 22-23.
According to the latest shareholding pattern, Promoters have a 68.01 percent stake in the company and the remaining 31.99 percent is with the Public or Retail investors.
Headquartered in Bhavnagar, Dev Labtech Ventures Limited was incorporated in 1993. The company is a Manufacturer, Wholesaler, and Trader of Lab Grown Diamond. The company has expertise in products like CVD diamonds, Loose polished Diamonds, Single Crystal CVD plates, etc.
Written By Vaibhav Patil
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