Chemical Stock Declares Q3 Results After 2 Weeks of Positive Debut On D-Street

Small-cap firm Nova Agritech Ltd operates in the fertiliser industry. A broad range of product categories are produced, distributed, and marketed by the company. These include products for managing soil health, crop nutrition, biostimulants, biopesticides, integrated pest management (IPM), new technologies, and crop protection. Currently, its subsidiary Nova Agri Sciences Private Limited is in charge of producing crop protection products. The company has declared its financial results for the quarter ended 31st December 2023 after 2 weeks of positive listing on the stock exchanges.

The company reported revenue from operations of Rs 50.70 Cr in the quarter ended 31st December 2023 up by 68.32% YoY from Rs 30.12 Cr in the year-ago quarter. The company said its net income reached Rs 50.72 Cr during the quarter under review compared to Rs 30.14 Cr in the year-ago quarter. According to a stock exchange filing, the company's net expenses reached Rs 44.49 Cr in Q3FY24 as against Rs 26.87 Cr in the same quarter of the previous fiscal. Nova Agritech said its standalone net profit stood at Rs 4.85 Cr during Q3FY24 up by 114.60% YoY from Rs 2.26 Cr in Q3FY23.

"The Company has completed an Initial Public Offer ("IPO") of 3,50,75,693 Equity Shares at the face value of Rs 2/- each at an issue price of Rs 41/- per Equity Share, consisting a fresh issue of 2,73,17,073 shares aggregating Rs 11,200.00 Lakhs and offer for sale of 77,58,620 shares aggregating of Rs 3,181.03 Lakhs. The Equity Shares of the Company were listed on BSE Limited ("BSE") and National Stock Exchange of India limited ("NSE") on 31st January, 2024. Accordingly, the Unaudited Standalone Financial Results for the quarter and nine months ended 31 December, 2023 are drawn up in accordance with the Listing Requirements," said Nova Agritech in a statement.

On January 31, 2024, Nova Agritech's share price was listed on the NSE at Rs 55 per share, which was 34.1% more than the Rs 41 issue price. The price of a Nova Agritech share on the BSE was Rs 56 per share, which was 36.6% more than the issue price. Tuesday, January 23 was the opening day for subscriptions to the Nova Agritech IPO, which ended on Thursday, January 25. The net proceeds of the issue will be utilised for a number of purposes, including funding the company's working capital needs, funding the construction of a new formula factory through investment in the subsidiary Nova Agri Sciences Private Limited, funding capital expenditures for the expansion of an existing formula plant, and general business purposes.