Small-cap stock below ₹10: Penny stock Sarveshwar Foods hits 5% upper circuit
- Small-cap stock below ₹10: In the last five sessions, the penny stock has touched the upper circuit thrice
Small-cap stock below ₹10: After hitting the lower circuit on Monday, Sarveshwar Foods shares witnessed strong buying on Tuesday. Sarveshwar Foods share price today opened with an upside gap at ₹9.87 apiece on NSE and touched an intraday high of ₹9.99 apiece, logging an intraday rise of around 5 per cent. While climbing to this intraday high, the small-cap stock also locked in a 5 percent upper circuit. The penny stock had touched the upper circuit on Wednesday and Thursday last week. The small-cap stock below ₹10 has been on an uptrend for one month after the company declared strong Q4 results 2024 last month.
Sarveshwar Foods Q4 results 2024
In Q4FY24, the company's revenue from operations stood at ₹247.32 crore in Q4 FY24, as against ₹129.81 crore in Q4 FY23, year-on-year growth of 91%. This impressive growth is primarily attributed to the supply of a higher quantity of rice and an expanded customer base through the Bharat Rice Scheme of the GOI. Additionally, the recent GI tagging of products from J&K has further enhanced buyer confidence in the superior quality of these products.
The company's EBITDA for the quarter ended March 2024 stood at ₹14.20 crore against ₹11.30 in Q4 FY23, a 26% year-on-year growth. Q4 FY24 profit stood at ₹4.14 crore against a PAT of ₹1.81 crore in Q4 FY23, a 129% year-on-year growth.
Sarveshwar Foods financials in FY24
In FY24, the company's Revenue from Operations stood at ₹869.59 crore, as against ₹689.32 crore in FY23, a growth of 26% on a year-on-year basis. An increase in the supply of products to B2B customers drove this growth. Additionally, the recent GI tagging of products from J&K significantly enhanced buyer confidence, benefiting regional suppliers and manufacturers.
EBITDA for FY24 was ₹55.79 crore as against ₹32.45 crore in FY23, a growth of 72% on a YoY basis, mainly due to higher sales and expansion in new geographies and commodities. FY24 profit stands at ₹16.78 crore against a PAT of ₹7.80 crore in FY23, a growth of 115% compared to the previous year.
The management highlighted the company's achievements during FY24: “During the quarter, we secured a lucrative export order worth approximately 6 million USD (around ₹50 crores) from NAFED. This highlights our success in expanding our global footprint and enhancing revenue streams, reaffirming our reputation as a reliable partner in international trade. Further, in line with our retail expansion strategy, we're excited to announce the opening of our signature NIMBARK Organic Stores in Punjab and the Delhi NCR region. These stores cater to the evolving consumer preferences, particularly the growing demand for organic food products.”
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