Share price of a company primarily engaged in the business of manufacture of plastic film, moved up by 4.7 percent to Rs. 361.00 on February 8th, after the company announced its financial results for Q3 FY23-24 along with an increase in the company’s production capacity.
With a market cap of Rs. 108.30 crore, Ecoplast Ltd. has delivered nearly 139.4 percent returns in the last six months, whereas it has given over 417.0 percent in the last one year. So far, it has given positive returns of around 12.81 percent in 2024.
The fluctuations in the share prices were observed after the company announced its financial results on Wednesday, for the third quarter and nine months ended 31st December 2023, through a recent filing with the BSE.
The net profit of the company decreased by nearly 34.16 percent on a QoQ basis from Rs. 2.81 crore in Q2 FY23-24 to Rs. 1.85 crore in Q3 FY23-24.
However, on a year-on-year basis, the net profit jumped by around 105.55 percent to Rs. 1.85 crore in Q3 FY23-24 from Rs. 0.90 crore in Q3 FY22-23. The company’s revenue from operations increased by nearly 22 percent on a year-on-year basis from Rs. 23.3 crore in Q3 FY22-23 to Rs. 28.4 crore in Q3 FY23-24.
On a quarterly basis, the revenue from operations of the company moved down by 5.17 percent from Rs. 29.95 crore in Q2 FY23-24 to Rs. 28.4 crore in Q3 FY23-24. As of December 2023, the Promoters’ holdings remained unchanged at 68.71 percent and the Public holds 31.29 percent of equity shares in the company.
Further, the Board of the company approved the increase in production capacity by adding a co-extrusion film plant and coating plant, with an investment of Rs. 11 crore.
Incorporated in 1981, Ecoplast Limited is one of India’s largest suppliers of multilayer co-extruded polyethene and co-polymer films to the packaging industry and other speciality applications around the world.
Ecoplast is also engaged in the designing and manufacturing of Surface Protective Films which protect products such as steel, aluminium panels or profiles, carpets, tiles, glass, and all kinds of substrates from dust, scratches and other environmental impacts.
Written by Shivani Singh
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