This IT stock hit its upper circuit at 5% in today’s trading session after it received Rs. 6 crore as a strategic support from the Technology Development Board (TDB).
Share price of Eco Recycling opened at Rs. 192 levels and hit its upper circuit at 5% to Rs. 196.80 per share. The company has grown 44.14% in the last six months and 74.05% in the last one year.
On 8 September 2023, Technology Development Board announced that they are providing Rs. 6 crores to Eco Recycling Limited as a strategic financial support for Eco’s new initiative ‘Recycling on Wheels-SmartER’ Project. This project is a revolutionary model for e-waste collection, shredding, data destruction, and transportation. The company was recognised by none other than PM Modi for innovation in the e-waste sector in his 97th “Mann Ki Baat” Episode.
As per company’s quarterly financial report, it has made a revenue of Rs. 5.39 crore in Q4FY23, an increase of 8.8% from Rs. 4.95 crore in Q1FY24. Its net loss of Rs. 3.82 crore in Q4FY23 turned out to be a net profit of Rs. 4.5 crore in Q1FY24. The company maintains a low debt to equity ratio of 0.03. It has also maintained a good average return on equity for the last three years of 22.08
Eco Recycling Limited is India’s leading e- waste management company which provides solutions for managing e- waste. Its services include asset removal, data destruction, e- waste recycling, asset recovery, and others. The company had clients all over the MNCs, retailers, government departments, retailers, educational institutions, and others. The company has set up standards and benchmarks time required to handle e- waste from all over.
Written by Bhumika Khandelwal
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