Garments and apparel maker, Lorenzini Apparels will be in focus on May 23 due to its Q4 results for FY24 announcement. Lorenzini is the same multi-bagger penny stock which recently delivered hefty bonus shares in the ratio of 6:1 for free and also turned ex-split for a 1:10 ratio. The stock has more than doubled in a year.
Lorenzini Apparels Share Price:
The penny stock ended at Rs 24.22 apiece, at its 5% lower circuit on BSE with a market cap of Rs 379.50 crore ahead of Q4 results on Wednesday.
The stock's 52-week high and low are at Rs 33.02 and Rs 11.09 apiece respectively. YTD, the stock zoomed by 57% on BSE. While in a year, the stock has rallied by a whopping 101.92%.
Further, in 5 years, the stock gained by a massive 6,636.11% on BSE. On May 31, 2019, the stock traded at merely Rs 0.36 apiece.
Lorenzini Apparels Q4 Earnings:
As per the regulatory filing, a meeting of the Board of Directors of the Company will be held on Thursday, May 23, 2024, at 10:30 A.M., to consider and approve, inter alia, the Audited Standalone Financial Statements of the Company for the Last Quarter and Financial Year ended on March 31, 2024, as per the requirements under Regulation 33 of the Listing Regulations.
In Q3FY24, the company posted a net profit of Rs 2.37 crore, as against Rs 0.17 crore in Q3FY23 and Rs 1.86 crore in Q2FY24. Revenue from operations stood at Rs 12.67 crore in Q3FY24 versus Rs 12.16 crore in Q3FY23 and Rs 17.91 crore in Q2FY24.
Lorenzini Apparels Bonus Issue:
Lorenzini turned ex-split for bonus shares of the 6:11 ratio. This means that Lorenzini issued Six Bonus Equity shares for every 11 (Eleven) fully paid-up Equity shares held] to the shareholders as of the record date (including holders of outstanding warrants convertible into Equity shares).
Bonus shares were issued out of the Securities Premium account/retained earnings/ free reserves or any other permitted reserves/surplus of the Company available as of 30th September 2023. The total number of securities proposed to be issued was 60,967,020 Equity Shares of the face value of Rs.1/- each (post considering the split of shares) which includes the amount of Rs. 56,63,842 specifically reserved for 10,38,371 outstanding Warrants convertible into Equity Shares.
Lorenzini Apparels Stock Split:
Further, the company split its shares in a 1:10 ratio -- meaning --- a division of every 1 (One) equity share of the nominal/face value of Rs. 10/- (Rupees Ten only) each into 10 (Ten) equity shares of the nominal/face value of Rs. 1/- (Rupees One only) each. In a stock split, the face value of an equity share reduces, while the number of shares increases in the portfolio.
The reason behind Lorenzini's stock split was to improve the liquidity of the Company's Shares to make it more affordable for small investors and also to broaden the base of small investors.
The record date for both stock split and bonus shares was March 28, 2024.
Lorenzini Apparels is engaged in the business of manufacturing, designing and marketing readymade garments offering a diverse range of men's formal, semi-formal & casual wear and women's casual wear. The Company serves its customers through the channels of retail and e-commerce. The Company has a few stores/outlets spread across various places in Delhi, Uttar Pradesh and Haryana. The Company has entered into a supply agreement with some of the e-commerce players. It also has a franchise model.
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