GM Polyplast Hit 20% Upper Circuit On Robust H1FY24 Earnings & Dividend Declaration

The GM Polyplast shares began trading on the BSE on Monday at Rs 160 per share and ended at the 20% upper circuit limit of Rs 169.25. The spike in stock price followed the company's announcement of H1FY24 earnings, the board's approval of the dividend, and an increase in authorised capital.

For the half year that ended on September 30, 2023, the corporation reported strong earnings. From Rs. 393.65 lakhs in H1FY23 to Rs. 716.98 lakhs in H1FY24, EBITDA climbed by 82.14%. EBITDA margins jumped by 748 basis points, from 9.06% in H1FY23 to 16.54% in H1FY24. From Rs. 253.49 Lakhs in H1FY23 to Rs. 509.05 Lakhs in H1FY24, PAT rose by 100.82% YoY. PAT margins climbed by 591 basis points, from 5.83% in H1FY23 to 11.75% in H1FY24. For H1FY24, the basic and diluted EPS was announced at Rs. 3.78.

"The board further approved dividend of Rs. 0.50, which was paid on or before 05 December 2023. Subject to the approval of members, board approved the Increase of Authorised Capital from INR 15,00,00,000 to INR 25,00,00,000," said GM Polyplast in a statement.

GM Polyplast Limited was established in 2003 and is a leading producer of HIPS, ABS, PET, PP, HDPE Sheets, and high-grade Granules. In addition to its office in Mumbai, GM Polyplast runs its operations out of a centrally positioned production unit in Silvassa. With a significant production capacity of 21,600 tonnes, the firm is well-positioned to service a wide range of quantity requirements. Plans are now in place to expand production capacity even further in order to meet growing demand, according to the company.