Penny which is one of the leading players in brass parts manufacturing, including Brass Fittings, Brass Forging Equipment, and many more jumped 5 percent in the day’s trade upon announcing a bonus issue in the ratio of 1:1.
Price Action
With a market capitalization of Rs. 212 Crores, the shares of Sprayking Limited were trading at Rs. 40.14 per equity share, up 3 percent from its previous day’s close price of Rs. 39.08.
What Happened
The Board of Directors of Sprayking Limited has considered and approved issuing bonus equity shares of the company in the ratio of 1:1 where one equity share of the company with a face value of Rs. 2 will be issued to each equity share held by the shareholders as on the record date.
Recent events
In addition, it has received a work order from a new domestic client for a consideration of Rs. 1.5 Crores for the supply of 25 tonnes of brass rods, it had also inaugurated a new state-of-the-art manufacturing facility and Imported High-Tech Machinery Worth Rs. 10 Million which shall elevate the Production and Boost Capacity to 8000 Units Daily, Pioneering its Entry into World-Class Brass Valves Market.
About the company
Spraying Agro Limited is one of the leading players in brass parts manufacturing, including Brass Fittings, Brass Forging Equipment, Brass Transformer Parts & other Customized Brass Parts. It is also engaged in the manufacturing and trading of agricultural sprayer parts & garden fittings, extruded brass rods, brass fittings & lead-free Brass fittings, and forging specialty.
Spraying Agro Limited has a global presence with an unparalleled clientele across the USA, Europe, Australia, Canada, South Africa, UAE & India.
Sprayking Limited has consistently expanded its business, evolving from a single manufacturing unit to multiple state-of-the-art production facilities. It has also diversified its product range, offering a wide variety of high-quality agro-equipment that meets the evolving needs of the agricultural sector. This strategic growth has enabled Sprayking Limited to strengthen its market position and deliver sustained value to its stakeholders.
Financials and Ratios
Its Revenue from operations grew by 154 percent from Rs. 7.93 Crores in Q4FY23 to Rs. 20.17 Crores in Q4FY24, accompanied by profits of Rs. 1.11 Crores to Rs. 1.77 Crores.
In terms of Return ratios, it has reported a return on equity (ROE) of 23 percent and a return on capital employed (ROCE) of 28.4 percent. It has reported a debt-to-equity ratio of 0.04.
Written by: Bharath K.S
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