The plywood manufacturing company hits a 5 percent upper circuit after posting strong Q2 FY24 results. Since January, the stock has delivered more than 60 percent returns to its stakeholders.
With a market capitalization of Rs. 129 crores, the shares of The Western Indian Plywood Ltd opened Monday’s trading session flat at Rs. 150. The share hit a 5 percent upper circuit at Rs. 157.45 which is also recorded as the company’s fresh 52-week high.
Such a positive movement was observed after the company announced its June-September results. The company’s revenue increased by around 20 percent from Rs. 23.64 crores during the June quarter to Rs. 28.31 crores in the September quarter. In addition, the net profit magnified by 152 percent from Rs. 44 lakhs to Rs. 1.11 crores during the same timeframe.
Comparing these metrics on a YoY basis, the revenue marginally declined by 1.5 percent from Rs. 28.76 crores during Q2 FY23 to Rs. 28.31 crores in Q2 FY24. On a contrasting note, the net profit increased by 46 percent from Rs. 76 lakhs to Rs. 1.11 crores during the same period.
Coming onto the important financial ratios, the return on equity increased from 0.53 percent in FY 21-22 to 8.78 percent in FY22-23, and the return on capital employed improved from 3.82 percent to 11.41 percent during the same time horizon.
According to the latest shareholding pattern, Promoters have a 41.01 percent stake in the company, the Public has a 55.49 percent holding and the remaining 3.5 percent shares are with DIIs.
Headquartered in Kannur, The Western India Plywood Ltd was incorporated in the year 1945 operating in the building material sector. The Company products include Hardboards, Plywood, Soft boards, Furniture, Compreg boards, Pre Finished Boards, and Others.
Written By Vaibhav Patil
