LIC-Backed Stock Hits 5% Upper Circuit After Q2 PAT Jumps 250%: Do You Own?

On Tuesday, the shares of Integra Essentia closed on the BSE at 5% upper circuit limit at Rs 6.45 apiece after the quarterly financial health of the company marked a significant growth in the quarter ended 30th September 2023. On a consolidated basis, the company recorded revenue from operations of Rs 66.89 Cr during Q2FY24 up by 17.10% YoY from Rs 57.12 Cr reported in Q2FY23. The company reported a net income of Rs 74.75 Cr during the quarter under review compared to Rs 59.40 Cr reported in the year-ago quarter.

The company posted a consolidated net profit of Rs 7.52 Cr during Q2FY24 up by 249.76% YoY from Rs 2.15 Cr reported in the year-ago quarter. Integra Essentia declared an EPS of Rs 0.19 during the quarter under review compared to Rs 0.06 in Q2FY23.

From a tax and regulatory perspective, the company recently completed the consolidation plan with G G Engineering Limited, an entity listed on the BSE Limited. Price Waterhouse & Co LLP, a Big4 Advisory Firm, has been hired by the firm for the transaction. The merger of GG Engineering Ltd. with Integra Essentia Limited, a firm that operates in the steel and renewable energy sectors, was authorised by the board in September.

Effective from Monday, November 6, 2023, the registered office of the company has been shifted to Unit No. 607, 6th Floor, Pearls Best Height -II, Netaji Subhash Place, Pitampura, Delhi - 110034 from its existing address i.e. 902, 9th Floor, Aggarwal Cyber Plaza-1, Netaji Subhash Place, New Delhi - 110034, within the local limits of the city at New Delhi, as per a stock exchange filing.

The shares of Integra Essentia made a 52-week-high of Rs 9.35 on (20/12/2022) and a 52-week-low of Rs 5.10 on (28/08/2023). During Q2FY24, the company reported promoters' stake of 20.81%, FIIs stake of 1.51%, DIIs stake of 1.08% and public shareholding of 76.59%. As per the shareholding pattern of Integra Essentia for July to September 2023 quarter, LIC held 48,59,916 shares or 1.06% fully paid-up equity stake in the company.