North Eastern Carrying Corporation Posts Over 50% Jump In Q1 PAT, Shares Rally

One of leading freight forwarding companies in the country, North Eastern Carrying Corporation Limited has reported an impressive growth in the April-June quarter of the current financial year.

The company has posted 54 per cent rise in quarterly net profit in June 2023 quarter at Rs 1.49 crore as compared to Rs 96 lakh in June 2022 quarter.

The net sales of the company in the reporting quarter increased a moderate 2 per cent to Rs 83.85 crore. The same was seen at Rs 82.09 crore in the same period of FY 2022-23.

The total income of the firm grew to Rs 84.13 crore in the quarter, the company said in a regulatory filing.

For the previous year ended March 31, 2023, the company had reported a net profit of Rs 5.77 crore. The revenue from operations in the entire financial year stood at Rs 306 crore.

North Eastern Carrying Corporation has a market capitalization of Rs 220.88 crore.

Earlier in July, the company had announced Right Issue of up to 4,51,77602 partly paid-up equity shares with face value of Rs 10 each. The Rights Issue price was set at Rs 18 per share. A rights issue or rights offer is a subscription rights that allows its existing shareholders to buy additional shares at a discounted rate.

On Wednesday, the shares of North Eastern Carrying Corporation closed on the BSE at Rs 19.92 apiece with an upside gap of 2.79% over the previous close of Rs 19.38. The stock made a 52-week-high of Rs 28.52 on (18/08/2022) and a 52-week-low of Rs 13.20 on (20/03/2023). During Q1FY24, the company recorded promoters shareholding of 52.68% and public stake of 47.33%.