The shares of this Micro-Cap stock operating in the Agro Processing sector hit a 5% upper circuit after the company reported 186% growth of net profit in Q3FY24.
On Friday, Shares of Sarveshwar Foods Ltd touched a 5% upper circuit at ₹ 10.7 a share on the National Stock Exchange, The company has a market capitalization of ₹1,046 crore.
According to the consolidated basis, Sarveshwar Foods Ltd experienced an increase of revenue by 55% year-on-year, rising from ₹183.91 crore in Q3FY23 to ₹229.38 crore in Q3FY24. Similarly, during the same period, net profit increased by 186% from ₹1.72 crore to ₹4.93 crore.
In comparison to the preceding quarter, operational revenue increased by 12 %, increasing from ₹205.22 crores in Q2FY24 to ₹229.38 crores in Q3FY24. Additionally, net profit has marginally increased by 2% from ₹4.83 crores to ₹4.93 crores during this timeframe, as reported in the company’s exchange filing.
According to the recent shareholding pattern, the company promoters hold 54.91% of the company, while Foreign Institutional Investors hold 2.59% and retail investors hold a 42.49 % stake.
Sarveshwar Foods Limited is engaged in the business of manufacturing, trading, processing, and marketing branded and unbranded basmati and non-basmati rice in the domestic and international markets.
In Q3FY24, Sarveshwar Foods opened its first NIMBARK Organic Store in Chandigarh from this company to expand its presence beyond the territories through its signature stores, retail counters, and online marketplaces.
The Company, besides these ‘NIMBARK Organic Stores’ a chain of its Signature Stores, sells its products through more than 700 Retail Counters in Jammu, Srinagar, Ludhiana, Chandigarh, Lucknow, Khanpur, Punjab, Delhi NCR along with Online PAN India presence.
The company receives 96% revenue from the domestic market and 4% from international markets. The company has a network of 120 distributors spread across 15 states in India.
It has a direct retail coverage of 12,000 and also has a presence in eCommerce and modern trade. It also exports to more than 10 countries including the USA, China, Middle Eastern countries, and Europe. Sarveshwar Foods Ltd shares have gained 83% in the last six months and 29% in a year.
Written by Omkar Chitnis
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