Manaksia shares rebound 14% after Q4 results; stock hits fresh 52-week high

Shares of Manaksia Limited rebounded from the early cuts and surged about 14 per cent from the day's low on Monday, scaling 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 rise in the net profit for the financial year 2022-23.

Manaksia's net profit for the March 2023 quarter stood at Rs 10.57 crore, a marginal rise on a year-on-year (YoY) basis compared to the net profit of Rs 10.22 crore in the year-ago period. The company's net profit surged 70 per cent on a sequential (QoQ) comparison from Rs 6.20 crore in December 2022 quarter.

Revenue from operations surged about 150 per cent YoY to Rs 60.62 crore in the quarter ended on March 31, 2023, against a total income of Rs 24.56 crore in the same period last year, while EBITDA increased 27 per cent to Rs 11.58 crore for the quarter. Operational revenue rose 93 per cent on a QoQ basis from Rs 31.39 crore in the December 2023 quarter.

Following the announcement, shares of Manaksia surged over per cent to Rs 161 on Monday, its new 52-week high, commanding a total market capitalization of Rs 1,050 crore. The scrip, which settled at Rs 148.50 on Friday, touched its intraday low at 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 on March 31, 2023, compared to a bottom line at Rs 8.46 crore in the year-ago period. Revenue from operations soared 130 per cent to Rs 143.34 crore during the entire year.

Shares of Manaksia have delivered multibagger returns as the stock has surged about 135 per cent from its 52-week low at Rs 68.35 on June 21, 2022. In the year 2022 so far, the stock has risen about 105 per cent, while it has delivered a return of 425 per cent in the last three years.

Incorporated in 1984, Kolkata-based Manaksia is a holding company of manufacturing subsidiaries located in India, Nigeria and Ghana, engaged in manufacturing of aluminium, packaging products and iron & steel. Mark Steels, a wholly owned subsidiary is engaged in the manufacture of sponge iron at Purulia, West Bengal

Manaksia has one step-down subsidiary company in Nigeria - Jebba Paper Mills Limited. Its wholly owned subsidiary in Nigeria is the market leader in ROPP caps and crown corks in Nigeria. Another step-down subsidiary of Manaksia is Dynatech Industries Ghana, located in Accra, Ghana and engaged in the manufacture of flat steel products.