Shares of this renewable energy and biofuels company jumped around 2 percent in Wednesday’s trading session after incorporating a wholly-owned subsidiary. In three months, the shares have delivered more than 60 percent returns to its shareholders.
With a market capitalisation of Rs. 1,080 crores, the shares of Kotyark Industries Ltd started Wednesday’s trading session on a higher note at Rs. 1,233 compared to its previous close of Rs. 1,222. During the trading session, the shares hit a high of Rs. 1,247, gaining around 2 percent and currently trading at Rs. 1,213 apiece.
Such a positive movement in the share price was observed after the company in an exchange filing announced that Semani Industries Ltd, a wholly-owned subsidiary had been incorporated by subscription of 1,00,000 shares of Rs. 10 each in the paid-up share capital of the company.
Furthermore, the company mentioned that The wholly owned subsidiary will leverage the growth opportunities in the evolving mobility space by carrying in India or elsewhere through the manufacturing and trading of various bio-based products and renewable energy projects.
Coming onto the company’s financial statement, the revenue magnified by 91 percent from Rs. 65 crores during H2FY23 to Rs. 124 crores in H1FY24. In addition, the net profits increased by 29 percent from Rs. 7 crores to Rs. 9 crores during the same period.
The company intends to reach optimum capacity utilization in the coming 2 years and is also gearing up to service the growing demand of OMCs for blending biodiesel in diesel. Earlier, the company signed an MOU with the Rajasthan Government to explore potential avenues for this project.
Headquartered in Gujarat, Kotyark Industries was incorporated in 2016. The company operates in the renewable energy and biofuels sector, with a focus on the development of biofuels in India. Kotyark Industries is also involved in the production of biodiesel, made from pure vegetable oils, and is committed to promoting environmentally friendly and sustainable energy solutions.
Written By Vaibhav Patil
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