Shares of this penny stock jumped up to 3 percent in Thursday’s trading session after the company posted results for the quarter ended September 2023.
With a market capitalization of Rs 260 crores, the stocks of Variman Global Enterprises Limited started their trading session on Thursday at Rs 13.89 and currently trades at Rs 13.36.
The scrip witnessed an intra-day high of Rs 13.89 indicating a gain of around 3 percent compared to the previous close of Rs 13.49 apiece. In a recent filing with the exchange, the company announced the financial results for Q2FY24, i.e., for the quarter ended September 2023.
On a sequential basis, the company reported positive movements in its prime business indicators such as operating revenues and bottom-line numbers (from continuing operations).
The former, on one end, moved up from Rs 25 crores during Q1FY23-24 to Rs 34 crores during Q2FY23-24, and, the latter, on the other end, transitioned from a loss of Rs 37.3 lakhs to a profit of Rs 2.10 crores.
In addition, the company, yearly as well, reported decent growth in the metrics mentioned above with the operating revenues going up from Rs 27 crores during Q2FY22-23 to Rs 34 crores during Q2FY23-24, and, the net profits, keeping the timeframe the same, shifting from Rs 31.6 lakhs to Rs 2.10 crores representing a gain of around 556 percent.
During the recent financial years, the company’s basic profitability ratios such as the return on equity (RoE) as well as return on capital employed (RoCE) reported an increase with the former moving up from 2.60 percent during FY21-22 to 7.14 percent during FY22-23, and, the latter, during the same period, rising from 6.53 percent to 9.80 percent.
According to the latest shareholding pattern for the September 2023 quarter, the company’s Promoters hold a 28.14 percent stake, and the Public (retail) investors hold a huge stake of 70 percent stake in the company.
Variman Global Enterprises Limited is a company based in India that is engaged in the business of providing solutions through IT Infrastructure solutions, software development, and distributing IT Hardware to its clients and partners.
Written by Amit Madnani
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
