Nomura Singapore-Backed Penny Stock Mishtann Foods Reports 525% Jump In Q1 PAT

The board of Mishtann Foods, India's leading FMCG company, approved the financial results for the first quarter on June 30, 2023.
The company has reported a total income of Rs. 293.95 crore as compared to Rs 168.93 crore during the period ended March 31, 2023. For the period ended June 30, 2022, the company reported a total income of Rs. 158.27 crore.

According to a BSE filing, the company posted a net profit of Rs 68.91 crore during the first quarter of the current fiscal as against a net profit of Rs 14.13 reported in the previous quarter. The net profit in the same quarter of last fiscal was Rs 11.02 crore.

Its PAT margins increased from 6.96 per cent in Q1 FY23 to 23.44 per cent in Q1 FY24 by 1648 bps. The company has reported EPS of Rs 0.69 for the period ended June 30, 2023.

The board further approved Incorporation of two wholly owned subsidiaries to operate in the field of environmental sustainability including grain-based ethanol and components of Electric Vehicles (EVs).

"The company has achieved remarkable growth across various key financial indicators, reflecting its strong market presence, operational excellence and customer-centric approach. Revenue from operations witnessed an impressive growth was primarily driven by robust demand and successful geographic expansion of our products," the management said in a statement.

In one of its most recent exchange filings, Mishtann Foods notified the Indian exchange that Nomura Singapore raised its shareholding in the company to 1,28,25,854 fully paid-up equity shares or 1.28 per cent stake in the company.

Shares of Mishtann Foods, a small-cap stock having a market cap of Rs 1345 crore, have yielded a multibagger return of 300 per cent in the last three years. It closed at Rs 13.45 during Tuesday's trade.