On Wednesday, the shares leading manufacturer of Drip Irrigation Systems rose 5.7 percent to Rs 25.60 per share after the company announced impressive June quarter financial results.
At 12:56 p.m. on the Exchange, Captain Polyplast Ltd shares were trading at Rs 25.35 per share, up Rs 1.16 or 4.80 percent from the previous close price. The company has a market value of Rs 127 crore.
As per the company’s exchange filing, the Company’s revenue increased by 80 percent to Rs 72 crore in Q1FY24 as compared to Rs 40 crore in the corresponding quarter of the previous year Q1FY23, while the company’s net profit increased by 1160 percent to Rs 3.78 crore in the latest quarter as compared from a Rs 0.29 crore in the same quarter last year.
The company’s revenue from operations declined by 5 percent quarter on quarter in the June 2023 quarter, compared to Rs 76 crore in the March 2023 quarter And the net profit grew by 39 percent from Rs 2.71 crore in the preceding quarter.
The Captain Polyplast stock has increased 30 percent in the previous six months and 56 percent in the last year.
According to the recent shareholding pattern, the promoters own 66.5 percent of the company, while retail investors hold 33.49 percent.
Captain Polyplast Ltd is a pipe and irrigation equipment manufacturer and exporter. The company is also in the business segment of Wind Power Generation, Pipes & Irrigation Items.
In light of the illiquidity of penny stocks, even a small number of orders can create a circuit limit. Individual investors should conduct considerable research before buying high-return penny stocks since they lack consistency in performance and hence constitute a high risk to retail investors.
Written by Omkar Chitnis
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