Mishtann Foods shares rise 9% to hit 52-week high after Q1 show; stock gains 30% in 2 days

Shares of Mishtann Foods extended their gains by another 9 per cent on Wednesday and hit a new 52-week high after the company reported a strong performance for the quarter ended on June 30, 2023. The scrip had rallied more than 30 per cent in two trading sessions.

Mishtann Foods reported a 525 per cent rise on a year-on-year (YoY) basis in the profit after tax (PAT) at Rs 68.91 crore for the June 2023 quarter, which stood at Rs 11.02 crore in the year ago period. Its PAT margins improved by 1,648 basis points (bps) to 23.44 per cent from 6.96 per cent in the same quarter previous year.

The company clocked a 86 per cent rise in the revenue from operations at Rs 293.94 crore in the Q1FY24, which stood at Rs 158.26 crore in the Q1FY23. On sequential basis (QoQ), revenue from operations increased 75 per cent from Rs 168.89 crore in the March 2023 quarter.

Following the announcement of results, shares of Mishtann Foods surged more than 9 per cent to Rs 14.69 on Wednesday, hitting its 52-week high. The company was commanding a total market capitalization of more than Rs 1,400. The scrip had settled at Rs 13.45 on Tuesday, surging 19 per cent.

The company's EBITDA stood at Rs 72.75 crore for the April-June 2023 period, up 300 per cent from Rs 18.24 crore in the same period last fiscal year. Mishtann's EBITDA margins improved by 1,323 bps to 24.75 per cent during the quarter from 11.52 per cent.

Shares of Mishtann Foods have gained more than 30 per cent in the last two sessions, while it has turned multibagger in less than two months. The stock has surged more than 107 per cent from its 52-week lows at Rs 7.09 hit on May 23, 2023. The stock is 40 per cent up in the current month so far.

Gujarat-based Mishtann Foods is a homegrown agro food product company with primary focus on various types of Basmati rice. The company also has a sizable presence in the wheat and pulses segment. The company's rice processing facility is located near Ahmedabad, Gujarat which has an annual capacity of 1 lakh metric tonnes.

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