The shares of India’s top fruit exporter hit a 10 percent lower circuit to Rs 246.20 per share on Thursday after the company board planned to sell the company’s Fresh fruit business.
At 10:00 a.m., Freshtrop Fruits Ltd shares hit a 10 percent lower circuit to Rs 246.20 on the National Stock Exchange. The company has a market capitalization of Rs 243 crore.
According to the company’s BSE filings, On Monday, October 16, 2023, the company board scheduled a meeting to consider the sale of the Fresh Fruit business on a slump sale basis, subject to all relevant permissions, procedures, and formalities.
The company’s revenue has increased by 41 percent yearly, from Rs 174 crore in FY 21-22 to Rs 246 crore in FY 22-23. In the same time frame, the company’s net profit has increased by 14 percent from Rs 7 crore to Rs 8 crore.
The Company’s return on equity increased from 8.80 percent in FY22 to 10.27 percent in FY23, while the return on capital employed rose from 11.81 percent to 13.53 percent during the same period.
The company’s stock has delivered returns of 140 percent in six months and 230 percent over a year. A shareholder’s investment of Rs. 1 lakh in the business would be worth Rs. 3.40 lakhs after a year and Rs. 2.40 lakhs after a half-year.
The company promoters hold 63.22 percent of the company as of a recent shareholding pattern, and retail investors hold a 36.79 percent stake.
Freshtrop Fruits Limited is engaged in the business of exporting fresh fruits and vegetables to supermarket chains in the International Markets.
Written by Omkar Chitnis
