On Thursday, a multibagger penny stock price rose by 6 percent after announcing its expansion project. It has delivered a multibagger return of 109 percent in one year.
With a market capitalization of Rs 48 crore, Veerhealth Care Ltd. stock price rose by 6 percent from its previous close of Rs 22.57 per share to an intraday high of Rs 25.09 per share.
According to the company exchange filing, Veerhealth Care Ltd. has announced its expansion project to enhance healthcare solutions with a proposed investment of Rs 33 crore. This project involves multiple aspects, such as land acquisition, building construction, procurement of equipment, and development of necessary infrastructure.
The company will be borrowing Rs 8 crore through the bank in order to facilitate the expansion of the project. Furthermore, additional funds will be raised through the issuing of 99,99,238 new equity shares at Rs 25 per share, including a premium of Rs 15 per share.
On a yearly basis, the revenue from operations of the company increased by 4 percent from Rs 2.75 crore in Q3 FY23 to Rs 2.87 crore in Q3 FY24, and in the same period, the net profits decreased by 42 percent from Rs 0.33 crore to Rs 0.19 crore.
Sequentially, On a quarterly basis, revenue from operations of the company decreased by 25 percent from Rs 3.83 in Q2 FY24 to Rs 2.87 in Q3 FY24, and in the same period, net profits also decreased by 51 percent from Rs 0.39 crore to Rs 0.19 crore.
Veerhealth Care operates in the segments of ayurveda pharma products and manufacturing of products including skincare, bodycare, oralcare, haircare, fragrances, gifting, combos, and accessories.
According to the latest report, the company’s future outlook includes expansion into the government e-marketplace, with an expected business of Rs 1.5 to 2 crores in the next financial year.
The shareholder pattern of the company shows that 30.76 percent is held by the promoters and the remaining 69.24 percent is held by the public.
Veerhealth Care Ltd. engaged in the business of investment and manufacturing of ayurvedic medicines, established in 1992 as Niyati Leasing Limited.
Written By Praveen R
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