Architectural hardware manufacturer Hardwyn India, a small-cap stock, has delivered multibagger returns to its investors. According to information available on the BSE, its shares have had a solid run since the bonus issuance of equity shares in September 2022. Interestingly, it also issued bonus shares in June this year and split the face value.
According to a BSE filing by the company, it reported an over 6 per cent jump in total income in the first quarter (Q1 FY24) at Rs 27.3 crore. The small cap’s net profit also increased to Rs 1 crore in the quarter.
On a consolidated basis, the net sales stood at Rs 36.86 crore, while the operating profit came in at Rs 1.59 crore for the April-June quarter.
For the entire financial year 2022–23, the net profit increased 165 per cent to Rs 9.03 crore from Rs 3.41 crore in the previous financial year.
The jump in total income in Q1 was primarily due to increased demand in real estate, power, automotive, and other sectors amid a rise in disposable income. Supportive steps from the government in Budget 2023 also acted as a catalyst for the sector, contributing to overall economic growth.
Last year, a Crisil report said that aluminum sector companies are maintaining robust operating profits due to healthy domestic demand. It added that operating profit will remain better going forward due to strong demand growth of 6-7 per cent on yearly basis mainly from the power and construction sectors. The two sectors alone account for over 70 per cent of total sales volume.
Hardwyn India, in a statement, said that the aluminum industry is a key wealth creator. It is specialized in manufacturing architectural hardware and glass fittings for residential and commercial structures, providing comprehensive solutions.
Its shares have delivered a multibagger return of 184 per cent in one year, according to BSE data. In two years, the stock has yielded a return of more than 1300 per cent and more than 7500 per cent return in three years.
Latest Business News
