The shares of the food products manufacturer hit 20 percent upper circuit of Rs 20.26 apiece after the company commence a new business line of retail supermarket stores and also announced fundraising up to Rs 5.32 crore.
With a market capitalization of Rs 91.04 crore, the shares of Galaxy Cloud Kitchens Ltd were trading at Rs 20.26 per share, increasing around 19.95 percent as compared to the previous closing price of Rs 16.89 apiece.
According to the company filing, Galaxy Cloud Kitchens Ltd has commence a new business line of operating chain of retail supermarket stores with the name and style of ‘Galaxy Supermarket.
Moreover, board of directors has approved for of Issue of Compulsorily Convertible Debentures to the Promoters/Promoter group on Preferential Basis by issuing up to 48,40,000 of Rs. 11 each in one or more tranches aggregating up to Rs 5.32 crore.
Looking into the company’s performance, Galaxy Cloud Kitchens Ltd’s revenue decreased by 23 percent on a quarter-on-quarter basis from Rs. 0.51 crore in Q3FY24 to Rs. 0.39 crore in Q4FY24. Further, revenue decreased by 83 percent year on year, from Rs. 2.42 crore in Q4FY23 to Rs. 0.39 crore in Q4FY24.
Galaxy Cloud Kitchens Ltd’s net loss decreased by 76 percent on a quarter-on-quarter basis, from Rs. 7.10 crore in Q3FY24 to Rs. 1.65 crore in Q4FY24. Further, net loss decreased by 71 percent year on year from Rs. 5.85 crore in Q4FY23 to Rs. 1.65 crore in Q4FY24.
In the company’s recent shareholding pattern, promoters own 48.87 percent while Retail shareholders own a 51.14 percent stake in the company and domestic Institutional Investors own a 0 percent stake.
Galaxy Cloud Kitchens Limited is an India-based company, which is engaged in the manufacturing of food products, such as bakery, desserts, confectionery, meals, and ready-to-eat foods, among others. The Company operates through Food and Beverages segment.
Written by:- Abhishek Singh
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