Smallcap stock hits 5% upper circuit after company’s net profit increased by 208% YoY  

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Smallcap stock hits 5% upper circuit after company’s net profit increased by 208% YoY  
Credit: © Reuters.

Shares of this smallcap company locked a 5 percent upper circuit in Thursday’s trading session after reporting an increase in net profits by 208 percent YoY. The stock has delivered a whopping return of around 100 percent to its shareholders in one year.

With a market capitalization of Rs. 1,385 crores, the shares of Marine Electricals (India) Ltd started Thursday’s trading session on a higher note at Rs. 104.40, clocking a 5 percent upper circuit compared to its previous close of Rs. 99.45 apiece.

Such a bullish movement in the share price was observed after the company in an exchange filing announced quarterly and financial year ended on 31st March 2024 results. Quarterly, the revenue jumped by around 62 percent from Rs. 146.65 crores during the December quarter to Rs. 237.08 crores in the March quarter. In addition, the net profits zoomed by 129 percent from Rs. 5.32 crores to Rs. 12.18 crores during the same timeframe.

Comparing the same metrics on a YoY basis, the revenue surged by 67 percent from Rs. 143.12 crores during Q4FY23 to Rs. 237.08 crores in Q4FY24. On the other hand, the net profits magnified by 208 percent from Rs. 3.95 crores to Rs. 12.18 crores during the same period.

Furthermore, Marine Electricals (India) also received an order amounting to Rs. 10.35 crores from L&T Shipbuilding, for the Supply of Data Distribution Unit (DDU). The Delivery shall be over a period of 26 Months.

Previously, the company received an order amounting to 27,89,490.42 GBP (Approx Rs. 29 crores )from McGEOCH Technology Ltd (an International Entity), for the supply of SwitchBoards.

Some of the key customers of Marine Electricals in the Marine Segment are BHEL, HSL, SCI, Viking, Abu Dhabi shipping building, etc. and clients in the industrial segment are, TATA Communication, IBM (NYSE: IBM ), Cipla (NS: CIPL ), Lodha, and a few more.

According to the latest shareholding pattern, the Promoters hold 71.98 percent of the stake, the Public holds 27.99 percent of the shares, and the remaining 0.02 percent of the stakes are held by Foreign Institutional Investors (FIIs).

Headquartered in Mumbai, Marine Electricals (India) Ltd was incorporated in 1978. The company is an integrated technical services provider in the fields of electrical automation and information and communication technology solutions. They are engaged in the manufacturing and sale of all types of marine and industrial electrical and electronic components like switch gears, and control gears.

Written By Vaibhav Patil

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