On Monday, Manaksia Limited's shares surged from the early cuts and surged about 14 per cent from the day's low on Monday, raising a new 52-week high after the company reported a strong standalone performance for the period ended on March 31, 2023. The metal products company reported a manifold increase in the net profit for the year 2022 - 23.
In the March 2023 quarter, Manaksia's net profit was Rs10.57 crore, a marginal rise on a year-on-year YoY basis compared to the net profit of Rs10.22 crore in the year-ago period. The company's net profit surged 70 per cent in a sequential QoQ comparison from Rs. 620 crore in December 2022.
Revenue from operations surged to 60.62 crore in the quarter ended on March 31, 2023, against a total income of 24.56 crore in the same period last year, while EBITDA rose 27 per cent to Rs11.58 crore for the quarter. Operational revenue rose 93 per cent on a QoQ basis from Rs 31.39 crore in the quarter of December 2023.
On Monday, Manaksia shares surged more than a percent to 161 on Monday, its new 52-week high, propelling the total market capitalization to 1,050 crore. The scrip, which closed at Rs 148.50 on Friday, reached its intraday low of Rs 141.55 during the session.
Manaksia reported a net profit zoomed 1,050 per cent to Rs 97.22 crore for the year ended March 31, 2023, down from a bottom line of Rs 8.46 crore in the year-ago period. The annual revenue rose to Rs 143.34 crore from Rs 130 per cent during the same period last year.
Manaksia shares have delivered multibagger returns, as the stock has surged over 135 per cent from its 52-week low of Rs 68.35 on June 21, 2022. In the year 2022, the stock has surged about 105 per cent, while it's delivered a return of 425 per cent in the last three years.
Manaksia, a holding company of manufacturing subsidiaries in India, Nigeria, and Ghana, was established in 1984 as a holding company of manufacturing subsidiaries located in India, Nigeria and Ghana. Mark Steels, a wholly owned subsidiary, is involved in the manufacturing of sponge iron in Purulia, West Bengal.
Jebba Paper Mills Limited, a step-down subsidiary of Manaksia, is a subsidiary of Manaksia in Nigeria. Its wholly-owned subsidiary in Nigeria is the market leader inROPP caps and crown corks in Nigeria. Manaksia's second step-down subsidiary is Dynatech Industries Ghana, which is based in Accra, Ghana, and is responsible for producing flat steel products.