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Shares of Hardwyn India recovered from the previous cuts and hit an upper circuit of 5 per cent during the trading session on Wednesday as the company announced its results for the quarter ended on June 30, 2023. The multibagger smallcap counter had announced its earnings for given quarter on Saturday.

Hardwyn India reported a 16 per cent rise in the net profit on a year-on-year (YoY) basis to Rs 1 crore in the June 2023 quarter. The company had clocked a net profit of at Rs 0.87 crore in the year ago period. The operating profit in the quarter came in at Rs 1.59 crore.

The net sales of the company grew 6.85 per cent to Rs 27.3 crore in the quarter versus Rs 25.60 in the same quarter of the previous financial year, the company said in the exchange filing.

Following the announcement, shares of Hardwyn India hit an upper circuit of 5 per cent to Rs 40.99 on Wednesday, commanding a total market capitalization of more than Rs 1,430 crore. The scrip had settled at Rs 39.04 on Monday. The stock is up about 7,000 per cent in the last three years, while it has rallied more than 200 per cent from its 52-week lows.

Shares of Hardwyn India traded ex-split and ex-bonus in June this year. Hadwyn India announced the sub-division of equity shares in a 1:10 ratio with an issue of bonus shares in a 3:1 ratio. The company had announced the corporate action in May, earlier this year.

Also, Hardwyn India had said that the company will merge its subsidiary company FIBA Hardwyn Locks with itself in June 2023 . The proposed amalgamation will enable better focus, strategise and grow the businesses, to help retain and increase the competitive strength.

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Hardwyn India is specialised in manufacturing architectural hardware and glass fittings for various sectors, also drafted a scheme of amalgamation with Fiba Hardwyn Locks in the April-June quarter. The firm is known for manufacturing stainless steel products for residential and commercial infrastructure projects.

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