On Thursday, the share price of Penny stock hit its upper circuit of 10 percent and its 52-week high of Rs 23.63 from its previous close of Rs 22.50 after the company announced its conversion of warrants worth 50 lakhs.
According to PVV Infra’s filing, the board of directors will meet on December 13, 2023, to consider and approve the allotment of equity shares by way of conversion of warrants worth 50 Lakhs to the company promoter M/s. Pinnamaneni Estates Private Limited and other warrant holders as determined by the Board of Directors.
According to the PVV Infra report, the net revenue increased by 292 percent year over year, from Rs 5.96 crore in Q2FY23 to Rs 23.36 crore in Q2FY24. Their revenue fell by 31 percent sequentially from Rs 33.87 crore in Q1FY24 to the current levels.
In addition, the company’s net profit increased by 146 percent year over year, from Rs 0.13 crores in Q2FY23 to Rs 0.32 crores in Q2FY24. Their net profit increased by 220 percent on a sequential basis from Rs 0.1 crore in Q1FY24 to the current levels.
PVV Infra is a penny stock with a market capitalization of Rs 26.21 crores. The company’s promoters hold a 16.05 percent share in the company, 81.14 percent held by the general public, and the Foreign institutional investors hold 2.81 percent
Additionally, the stock is trading at 0.87 times its book value which indicates the stock is cheaper, also the company reduced its working capital requirements from 1,074 days to 107 days and it has a good current ratio of 1.44.
PVV Infra’s share price has risen by 65 percent in the six months and by 45 percent in the year to date. The company became debt-free from the previous year and the debt-to-equity ratio remains zero.
PVV Infra Limited, founded in 1995, is an MSME in the infrastructure industry. Construction of multi-story commercial and residential buildings, landscaping, duplex housing, and housing for EWS, low, middle, and high-income groups are among the services provided by the company.
Written by Sriram KV
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