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Business News/ Markets / Stock Markets/  Small-cap stock below 50 jumps 10% after stellar Q3 results
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Small-cap stock below ₹50 jumps 10% after stellar Q3 results

Q3 results 2024: Small-cap stock below ₹50 reported a 25% YoY increase in net profit for Q3 FY2023-24, thanks to expense containment

Small-cap stock below ₹50 opened upside and went on to touch an intraday high of ₹46.45 apiece on NSE. (Photo: AP)Premium
Small-cap stock below 50 opened upside and went on to touch an intraday high of 46.45 apiece on NSE. (Photo: AP)

Small-cap stock below 50: Shares of Hardwyn India Ltd are one of those small-cap stocks of the Indian stock market that are priced below 50. The small-cap stock has been witnessing strong buying interest since early morning deals. Hardwyn share price today opened upside and went on to touch an intraday high of 46.50 apiece on NSE, logging over a 10 percent rise against its Thursday close of 42.20 apiece.

Hardwyn India Q3 results 2024

Hardwyn India Ltd declared its third quarter results for the financial year 2023-24 on Thursday. In the October to December 2023 quarter, the small-cap stock reported a big upside in net profit (both sequentially and yearly). 

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The small-cap company reported a net profit of 41 crore, logging a 25 percent YoY rise against the net profit of 32.66 crore in the corresponding period of the previous financial year. The small-cap company recorded an over 200 percent rise in net profit YoY against its Q2FY24 net profit of 13.45 crore.

This could become possible because the company was able to contain its expenses both sequentially and yearly. The company reported total expenses in the third quarter of the current fiscal at 293.4 crore, which stood at 345.26 crore in the previous quarter and at 302 crore in the corresponding period of the previous financial year.

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On a year-on-year (YoY) basis, the small-cap company's total revenue grew from 347.3 crore in Q3FY23 to 351.35 crore in Q3FY24. In the first nine months of the current financial, the company's unaudited total revenue has been reported at 989.17 crore, which stood at 952.15 crore in the April to December 2022 period.

In the first nine months, the small-cap company's unaudited net profit stood at 64.57 crore, which is 21.83 percent higher than its net profit of 53 crore in the April to December 2022 period.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 16 Feb 2024, 02:30 PM IST
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