Penny stock engaged in the business of manufacturing and trading textiles jumped 4 percent in the day’s trade following the release of its Q3FY24 results with a 47.35 percent jump in Net Profit.
At 11:11 a.m the shares of Akshar Spintex Limited were trading at Rs.5, up 2.04 percent from its previous day’s close price of Rs. 4.90 and its market capitalization is Rs. 125 Crores.
Its revenue from operations grew by 44.37 percent YoY from Rs. 31.03 Crores in Q3FY23 to Rs. 44.8 Crores in Q3FY24 and it grew 2.84 percent QoQ from Rs. 43.56 Crores in Q2FY24 to Rs. 44.8 Crores in Q3FY24.
Its Net Profit grew by 47.35 percent YoY from Rs. 47.22 Lakhs in Q3FY23 to Rs. 69.58 Lakhs in Q3FY24 and it declined 22.77 percent QoQ from Rs. 90.10 Lakhs in Q2FY24 to Rs. 69.58 Lakhs in Q3FY24.
Previously on November 2023, it received a significant international order worth Rs. 171.17 Crores for the supply of high-quality yarn to various fast fashion brands through a globally recognized client, thereby strengthening its market presence.
Akshar Spintex Limited is engaged in the business of manufacturing and trading spun cotton yards. Its products include fibers and yarns.
It has reported a return on equity (ROE) of -6.80 percent and a return on capital employed (ROCE) of -5.03 percent. It has generated negative returns due to the increase in material costs.
Note: Due to the illiquidity in penny stocks, the stock can hit its assigned circuit levels with just a minor increase in the volume of trades. Even if the stock prices are within the usual buying range for the investors and offer enormous potential profits, penny stocks are quite dangerous for retail investors.
Written by Bharath KS
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