Shares of this small-cap stock jumped around 8 percent on Wednesday after the company released financial results for the quarter ended September 2023. In the past month, the company’s stock has seen a tremendous growth of more than 18 percent.
With a market capitalization of Rs 2,299.64 crores, the stocks of Huhtamaki India Limited, a company associated with plastic products, started their trading session at Rs 300.05 and currently trades at Rs 306, gaining approximately 8 percent as compared to the previous close of Rs 283.50 apiece.
Such sharp movements in the stock prices were witnessed after the company, through a regulatory filing with the Bombay Stock Exchange (BSE), announced the financial results for the quarter ended September 2023, i.e., Q3FY23-24. The company follows a calendar year for its financial purposes.
On a sequential basis, the company’s basic business indicators such as the operating revenues as well as net profits have increased with the former shifting from Rs 622 crores during Q2FY23-24 to Rs 662 crores during Q3FY23-24, and, the latter, during the same time horizon, more than doubled from Rs 15 crores to Rs 32 crores.
Turning a bit away from the pattern shown above, the company, on a YoY basis, showed opposing movements as far as the operating revenues and net profits are concerned.
The operating revenues, on one hand, reduced from Rs 769 crores during Q3FY22-23 to Rs 662 crores during Q3FY23-24, and, the net profits, on the other hand, moved up drastically from Rs 4 lakhs to Rs 32 crores representing a gain of nearly 80,000 percent.
Coming on to the shareholding pattern data available for the September 2023 quarter, the company’s Promoters hold a 67.73 percent stake, and the Foreign Institutional Investors (FIIs) hold a 1.43 percent stake in the company.
Huhtamaki India Limited is associated with the business of manufacturing as well as selling packaging materials. The company’s products are used in various flexible packaging applications including pharma, food & beverages, healthcare, and many more.
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.
