Paper stock jumps 15% after company’s net profits increased by 224% YoY

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Paper stock jumps 15% after company’s net profits increased by 224% YoY
Credit: © Reuters.

The shares of a leading paper company climbed by 15 percent reaching a 52-week high price of Rs 105 after the company reported a rise in its net profit by 65% YoY for the period ended 31st March 2024.

The shares of Pudumjee Paper Products Ltd closed at Rs 99 a piece, up by 8.4 percent on the National Stock Exchange. The company has a market capitalization of Rs 938 crores.

The fluctuations in the share prices were observed after the company announced their financial results for the period Q4 FY23-24 and FY24, through their recent filings with the stock exchanges.

Looking into the company’s financial performance, Pudumjee Paper Products Ltd’s net profits have increased by 224 percent from Rs 10.7 crore in Q4FY23 to Rs 34.7 crore in Q4FY24. Additionally, its revenues also increased by 12.36 percent from Rs. 182 crore in Q4FY23 to Rs. 205 crore in Q4FY24.

On a full-year basis, the company’s net profits have increased by 65.2 percent from Rs 59.4 crore in FY2022-23 to Rs 98.1 crore in FY23-24. Additionally, its revenues also increased by 3.46 percent from Rs 758.6 crore to Rs. 784.9 crore for the same time frame.

The shares of this company delivered a multi-bagger return of 109 percent in just 6 months. For example, if investors had invested Rs 1 Lakh in these shares six months ago then the amount would have turned into 2.09 Lakhs by now.

The Board of Directors has recommended a Dividend of Rs 0.60 per equity share of Rs. 1 each for the year ended 31 March 2024.

Recent shareholding pattern as of March 2024 shows that promoters held 71.31% of the shares, with the public owning 28.26% and foreign institutional investors holding 0.43%.

Incorporated in 2015, Pudumjee Paper Products Ltd is a leading supplier in the paper industry. The company primarily engages in the business of producing specialty paper business for wrapping and food-grade packaging paper along with household and sanitary papers.

Written by Zahal Riyas

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