The shares of Shree Ganesh Remedies Ltd ended the volatile session on Tuesday and ended marginally higher at Rs 254.50 levels. The shares remained in focus after the company announced its Q3 results and corporate action.
The company reported a 6 percent jump in its total revenue which stood at Rs 23.39 Crore in Q3FY23, compared to Rs 22.01 Crore in the same period a year earlier. In the previous quarter, their revenue stood at Rs 21.98 Crore.
Their net profit in the quarter under review stood at Rs 4.34 Crore which increased marginally by 3 percent Year on Year from Rs 4.20 Crore. On a sequential basis, their profit jumped by 10 percent from Rs 3.93 Crore.
In addition to that, the board of the company also announced a rights issue. The company will issue 7 Rights Equity Shares for Every 100 Equity Shares held. The total issue will aggregate to Rs 18.91 Crore. The record date for the purpose has been set as Friday, February 3rd, 2023.
Shree Ganesh Remedies, a subsidiary of the Ganesh Group of Industries, is engaged in the business of Pharma Intermediate. The company is engaged in the manufacturing & export of Pharmaceutical Drug Intermediates & Fine Chemicals and Research & Development.
The small-cap pharma stock has a market capitalization of Rs 305 Crore. The stock is undervalued in the industry as its TTM PE is 20.38 as against the sector PE of 31.11.
The promoters of the company hold a 68.27 percent stake with zero shares pledged while the remaining 31.73 is held by the public. Another positive thing about the company is that it has zero debt on its balance sheet.
Written by Anoushka Roy
