LIC Backed Penny Stock Jumps 5% On Food Business Orders of Rs 120 Million

Integra Essentia is a micro-cap company dealing in the FMCG sector. The corporation operates in the fields of infrastructure, energy, food, and clothing. On Wednesday, Integra Essentia Limited reported that it has received new orders totalling roughly Rs 120 Million. The deals for the delivery of premium rice and cashew nuts to reputable exporter Ayush International were awarded to the company by Himalayan Bio Organic Foods and Sarveshwar Overseas Limited.

Integra Essentia said in a stock exchange filing that it will "complete servicing these current orders within the month of September'2023 whereas with the completion of these orders, the company will hit the targeted Rs. 600 Million of sales during the Q2 and gross sales of Rs. 1170 Million during the current financial year, so far."

It said it also aims to achieve Rs 2700 Million in sales during this current financial year or FY24 registering a growth of about 15% as compared to the last fiscal year or FY23.

Integra Essentia also said in a stock exchange filing that it "also has plans to fuel the growth with diversifying the product portfolio while also exploring opportunities to strengthen the core via Acquisitions / Mergers which are at different stages of consideration / negotiations."

On a year-over-year (YoY) basis, Integra Essentia recorded a net profit increase of 103% to Rs 1.18 crore. According to the company's statement with the exchange, it had a PAT of Rs 0.58 crore during the same time last year. The company's revenue from operations, which was Rs 56 crore in the same quarter last year, stayed the same at Rs 55 crore for Q1FY24. The company's revenue from operations for the quarter ended in March 2023 was 67.27 crore, while its net profit was recorded at Rs 1.67 crore.

On Thursday, the shares of Integra Essentia opened on the BSE at Rs 6.54 apiece. The stock made a 52-week-high of Rs 9.35 (20/12/2022) and a 52-week-low of Rs 5.10 (28/08/2023). During Q1FY24, insurance giant LIC held 48,59,916 shares or a 1.06% stake in the company.