Sigachi Industries Announced Stellar FY24 Results; PAT Zooms Over 100%

The shares of Sigachi Industries gained 3.3 per cent to an intraday high of Rs 75.45 per share from its previous closing of Rs 73.04 with a spurt in volume by more than 7.6 times on BSE. The company has a market cap of over Rs 2,200 crore. The pharma stock has delivered a positive return of 28 per cent in the last 6 months.

The company announced Q4FY24 and annual results FY24. According to quarterly results, revenue increased by 43.8 per cent to Rs 104.13 crore Profit Before Tax increased by 66.6 per cent to Rs 17.21 crore and Profit After Tax increased by 114.6 per cent to Rs 15.17 crore in Q4FY24 compared to Q4FY23.

In its annual results, revenue increased by 32.1 per cent to Rs 398.96 crore Profit Before Tax increased by 28.1 per cent to Rs 69.77 crore and Profit After Tax increased by 31.5 per cent to Rs 57.27 crore in FY24 compared to FY23.

The Company has announced that its Q4 FY2024 profit more than doubled on account of higher income. Besides, the company also declared a dividend payout of 10 per cent on each stock.

Earlier, Sigachi MENA FZCO, a wholly owned subsidiary of Sigachi Industries Limited and iConsult Trading Consultancy LLC, a wholly owned subsidiary of iMass Investments have announced the formation of a joint venture (JV), Sigachi Global, to enter the growing UAE food and pharma market.

Sigachi Global will create separate entities to manage Sigachi's core verticals viz. Pharma (excipients and APIs), Food and Nutrition, and Operations and Management (O&M) as required. Sigachi MENA FZCO will hold 75 per cent stake and iConsult shall hold 25% in the JV. Sigachi Global is estimated to have revenues of USD 54 Million by 2029.

The company ex-traded the stock split of equity shares from Rs 10 to Rs 1 on October 09, 2023. From Rs 23.3 per share (52-week low) to Rs 75.45 per share, the stock gave multibagger returns of 224 per cent.

Incorporated in 1989, Sigachi Industries made its debut at Dalal Street in November 2021, when the company raised Rs 125.43 crore through its initial stake sale by selling its shares in the range of Rs 16.3 per shares on an adjusted basis. The stock is currently trading more than 170 per cent above its adjusted issue price.