Shares of this smallcap company locked a 5 percent upper circuit after Ashish Kacholia bought a new stake by way of a preferential issue on a private placement basis. In one year the shares have delivered a whopping 372 percent return to its shareholders.
With a market capitalization of Rs. 1,479 crores, the shares of Advait Infratech Ltd started Friday’s trading session on a higher note at Rs. 1,452.75, clocking 5 percent upper circuit compared to its previous close of Rs. 1,383.60 apiece.
The bullish movement in the share price was observed following the company’s announcement in an exchange filing regarding the issuance of up to 5,92,940 equity shares with a face value of Rs.10 each at a price of Rs. 1,388, totalling Rs. 82.30 crores, through a preferential issue on a private placement basis.
Among the allottees of preferential issue, the prominent investor Mr. Ashish Kacholia was listed to receive 2,88,185 equity shares, representing 2.67 percent of the equity shares. His investment in this allocation will amount to approximately Rs. 40 crores.
Along with this, the company also announced quarterly and financial year ended 31st March 2024 results. Quarterly, the revenue decreased by 18 percent from Rs. 72.61 crores during the December quarter to Rs. 59.72 crores in the March quarter. On the other hand, the net profits declined by 6 percent from Rs. 7.68 crores to Rs. 7.23 crores during the same period.
Comparing the same metrics on a YoY basis, the revenue zoomed by 46 percent from Rs. 40.85 crores during Q4FY23 to Rs. 59.72 crores in Q4FY24. In addition, the net profits magnified by 107 percent from Rs. 3.50 crores to Rs. 7.23 crores during the same timeframe.
As of February 2024, the company had an order book of Rs. 172.83 crores, out of which, they received 124.53 crores for EPC orders, 47.83 crores worth of orders were received for the manufacturing division and the remaining 47 lakhs worth of orders were received from the overseas and green hydrogen division.
Earlier, the company announced a collaboration with Carbon Technology Energy (CTE). The primary focus of the collaboration is the development of a prototype fuel cell utilizing carbon-based plates, a departure from the conventional bimetallic or graphite plates.
Headquartered in Ahmedabad, Advait Infratech was incorporated in 2009. The company is engaged in the business of providing products and solutions for power transmission, power substation, and telecommunication infrastructure fields.
Written By Vaibhav Patil
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