Nova Agritech Announced Financial Results, Net Profit Increased By 145%

Amid the boom in the stock market, Nova Agritech's shares were witnessing slight weakness. The shares of the agritech company with a market cap of about Rs 446 crore were trading at the level of Rs 49.60. The 52-week high of Nova Aggregate Limited's shares is Rs 77 while the 52-week low is Rs 47.70.

Nova Aggregate Limited has informed the stock market that its board and directors met on Monday, 27 May, in which the results of the fourth quarter of the last financial year have been approved.

Nova Agritech Limited has informed the stock market that its revenue from operations in the fourth quarter of the last financial year was Rs 57.40 crore, which was Rs 50 crore in the previous quarter and Rs 36.09 crore in the fourth quarter of the last financial year. The company's profit before tax was Rs 6.41 crore, which was Rs 6.22 crore in the previous quarter and Rs 5.10 crore in the fourth quarter of the last financial year.

In Q3FY24, The income from operations of Nova Agritech Limited in the third quarter of the current financial year stood at Rs 50.70 crore. It was Rs 48.50 crore in the last quarter and Rs 30.12 crore in the third quarter of the last financial year.

Recently, The company informed that the Department of Scientific and Industrial Research (DSIR) of Government of India under Ministry of Science and Technology, New Delhi, has accorded prestigious recognition to in-house Research and development (R&D) unit of the company located at Siddipet District, Telangana.
The letter dated February 22, 2024 was received by the company on Tuesday, February 27, 2024, it said. "The aforesaid recognition will entitle R&D unit of Nova Agritech to avail customs duty exemption in terms as amended from time to time.

Shares of Nova Agritech were listed at the bourses on January 31, 2024, when the stock was listed at a premium of 36.6 per cent over the given issue price at Rs 56. The company raised about Rs 144 crore, which ran between January 23-25.

Incorporated in May 2007, Nova AgriTech manufactures products that help farmers grow crops better. Hyderabad-based Nova AgriTech mainly focuses on three things- soil health, plant nutrition and crop protection. The products are manufactured using technology and are designed to be environmentally friendly and nutritious. The company has received a total of 629 product registrations. These registrations are divided into four categories, namely soil health management, plant nutrition, biopesticides and crop protection.