The stocks of Priti International Limited closed today at a price of Rs 169.20. The scrip witnessed an intra-day high of Rs 177, gaining around 10 percent compared to the previous closing levels of Rs 161.35. The company has a market capitalization of Rs 200 crores.
The stock prices saw such positive movements in the prices after Priti International, through a regulatory filing with the BSE dated 28th June 2023, announced that it has become a major supplier partner of ‘Godrej Industries Limited’, a renowned Indian conglomerate pertaining to the supply of ‘Home Furniture’ products.
The above-mentioned partnership gives a big opportunity to the handicraft manufacturer to solidify its market presence, fostering long-term relationships and expanding its customer base.
Ace Investor Mr. Shankar Sharma bought a stake in Priti International and currently holds 130,000 equity shares which equates to a 1.1 percent stake. The holding value of the same stands at approximately Rs 2.20 crores.
The latest standalone financials reported an increase in operating revenues from Rs 57 crores during FY21-22 to Rs 82 crores in FY22-23. Moreover, the profits after tax (PAT) numbers shifted from Rs 4 crores to Rs 7 crores during the same time period.
As a result of the above, the net profit margins have gone up from 7.64 percent during FY21-22 to 8.58 percent in FY22-23. The company has reported a ‘nil’ debt-to-equity ratio over the past few financial years.
Priti International Limited is involved in the process of manufacturing as well as exporting ‘handicraft’ products. It has a wide range of offerings including home furnishing items, solid furniture articles, etc. The company, broadly, comprises two segments which are Textile Handicrafts & Iron Handicrafts.
Written by Amit Madnani
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