On Tuesday’s early trade, Shares of NBFC company hit 5 upper circuits to a 52-week high price of Rs 39.82 per share after the board appointed Mr.Sujir Prabhakar as Managing Director.
ICDS Ltd, with a market capitalization of Rs 52 crores and its shares has gained 44 percent in the last six months and 18 percent in a year.
According to the company’s exchange filing, The Board appointed Mr. Sujir Prabhakar as Managing Director from the designation of Non-Executive Director. For the term of 5 years w.e.f. December 04, 2023, up to December 03, 2028.
Further, Mr. Katapady Bhujangesha Kamath was appointed as the Additional NonExecutive Independent Director of the Company, and Ms. Roopashree Roopashree was appointed as Designated as Non-Executive Woman Independent Director to hold office for a term of 5 years with effect from December 04, 2023, to December 03, 2028.
ICDS Ltd revenues have increased by 89 percent year on year from Rs 1.42 crore in FY 21-23 to Rs 2.68 crore in FY 22-23, while net profit has significantly declined by 94 percent in the same period, from Rs 5.84 crore to Rs 0.38 crore.
The Company had set up over 7 branches/offices over the length and breadth of the country with a wide network of agents for pursuing its business activities such as deposit acceptance, Hire Purchase, Lease Financing, and other business.
ICDS is one of the few financing companies that has received loans in excess of $10 million and ICDS has expanded into the business of the hospitality industry.
The company has branches in Gurgaon, Haryana, Puttur, Belthangady, Honavar, Sullia, Byndoor Nellore, Andhra Pradesh, Bhrahmavar, Davangere, and Kumta, Karnataka.
According to a recent shareholding pattern, the company promoter holds a 51.39 percent stake in the company, while Domestic Institutional Investors hold a 4.87 percent stake and retail investors hold a 43.74 percent stake in the company.
ICDS Ltd, a non-banking financial services company was incorporated in 1971. The company is engaged in various financial activities such as marketing insurance products, hire purchases, lease financing, bill discounting, and loans to industrial units.
Written by Omkar Chitnis
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