Multibagger Stock Manaksia Posts 715% PAT Growth In Q2: Do You Own?

A small-cap firm in the packaging industry is Manaksia. Holding company Manaksia Limited is headquartered in India. The company manufactures steel, iron, and aluminium items as well as packaging. The firm, which produced multibagger returns in a single year, has released its financial results for the quarter that ended on September 30, 2023.

According to the firm, its revenue from operations on a standalone basis increased by 178.02% from Rs. 20.53 crore in the September 2022 quarter to Rs. 57.09 crore in the September 2023 quarter. Its net profit for Q2FY24 was Rs. 5.32 crore, up 714.96% from Rs. 0.65 crore in Q2FY23. EBITDA jumped by 766.67% to Rs. 7.28 crore during the quarter under review from Rs. 0.84 crore during the same quarter last year.

As a result, the company's subsidiary firms established in Nigeria incurred foreign exchange losses of INR 703.23 & INR 658.50 Lacs for the quarter ended June 30, 2023, and the half year ended September 30, 2023. The aforementioned exchange loss has been included as an exceptional item in the consolidated financial results of the company due to the amount of the devaluation.

Furthermore, the company recognised a foreign currency translation loss of INR 37,646.18 and INR 36,841.95 lacs for the quarter and half years ended June 30, 2023, respectively, related to the translation of foreign operations into the company's presentation currency, or INR, which is included in other comprehensive income.

The Board of Directors of the company approved the appointment of Ms. Varsha Bansal as Interim Compliance Officer of the Company w.e.f. 9th November, 2023. The Board also approved the initiation of process of voluntary liquidation of Dynatech Industries Ghana Limited (Dynatech), a step subsidiary of the company, incorporated in Ghana.

On Friday, the shares of Manaksia were trading at Rs 135.