During Monday’s trading session, the shares of a company engaged in the generation and sale of power hit a 5 percent upper circuit at Rs. 25.24 on BSE, after the company reported Q2 FY25 results with a rise in net profit by 123 percent YoY.
With a market cap of Rs. 120 crores, the shares of Energy Development Company Limited opened in the green at Rs. 25.24, as compared to its previous closing price of Rs. 24.04.
What’s the news:
The fluctuations in the share prices were observed after Energy Development Company Limited announced the financial results for Q2 FY25, through the latest filings with the stock exchanges on Friday post-market hours.
For Q2 FY25, Energy Development Company Limited reported revenue from operations of Rs. 15.09 crores, reflecting a significant growth of around 122 percent QoQ from Rs. 6.8 crores in Q1 FY25, and increased by about 37.2 percent YoY from Rs. 11 crores in Q2 FY24.
The company’s net profit for Q2 FY25 grew to Rs. 6.55 crores, from a loss of Rs. 0.5 crores in Q1 FY25, and a year-on-year growth of nearly 123 percent from Rs. 2.94 crores in Q2 FY24.
Shareholding Pattern:
As per the September 2024 shareholding pattern, the Promoters hold a 58.14 percent stake in the company, while Retail Investors hold a 41.85 percent stake in Energy Development Company Limited.
Stock Performance:
The stock has delivered positive returns of nearly 29 percent in one year, as well as around 7.7 percent returns in the last six months. So far in 2024, the shares of Energy Development Company have given negative returns of about 6.6 percent.
About the company:
Energy Development Company Limited is primarily engaged in the generation and sale of bulk power to various electricity boards; construction development, implementation, operation & maintenance of projects and consultancies, and trading of Power equipment, metals etc.
As of FY24, the major revenue of Energy Development Company Limited comes from the sale of electricity. It is principally engaged in the production and sale of bulk power from hydropower and wind power mills to various electricity boards and/or other buyers through the Indian Energy Exchange (IEX) or short-term bilateral agreements.
The company owns and operates a 9 MW hydroelectric project and a 6 MW hydroelectric plant in Harangi, Karnataka, along with two 1.5 MW windmills in Hassan and Chitradurga, Karnataka.
Written by Shivani Singh
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