This micro-cap textile stock jumped up to 15% to reach its new 52-week high after the company transitioned from a loss to a profit in Q3FY24.
Sky Industries Limited’s shares, which have a market capitalization of Rs. 78 crore, were trading at Rs. 99, up 14.49 percent from the previous day’s close of Rs. 86.47.
Its revenue from operations increased by 13.17% YoY from Rs. 17.61 Crores in Q3FY23 to Rs. 19.93 Crores in Q3FY24, while declining 7.47% QoQ from Rs. 21.54 Crores in Q2FY24 to Rs. 19.93 Crores in Q3FY24.
The company has transitioned from a loss of Rs. 0.32 Crores in Q3FY23 to a profit of Rs. 1.22 Crores in Q3FY24. On a QoQ basis, it saw an increase of 7.01% from Rs. 1.14 Crores in Q2FY24 to Rs. 1.22 Crores in Q3FY24.
Sky Industries Limited manufactures Narrow Woven Fabrics and markets various products such as hook and loop tape fasteners, value-added items, and velvet tapes.
They offer a variety of hook-and-loop fasteners, hook-and-loop tapes, neoprene, velvet, elastic, webbing straps, functional elastic, and other products. Its solution-based products include sleeves, tile grip, headgear, customized straps, and others.
It exports to several countries, including the United States, the United Kingdom, Germany, Turkey, Bangladesh, Sri Lanka, and others. The RoE and RoCE for FY23 were 4.86% and 10.27%, respectively.
Written by: Santhosh S
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