Nova Agritech announces maiden quarterly results weeks after positive debut on D-Street

Manufacturer of agricultural inputs Nova Agritech Ltd has announced its maiden quarterly results just weeks after positive listing of the Dalal Street. 

According to an exchange filing, the company's revenue from operations in the December quarter stood at Rs 50.7 crore, up more than 60 per cent from Rs 30.12 crore reported in the same quarter of last fiscal.

The company also said that its profit in the third quarter of FY24 jumped over 50 per cent YoY to Rs 4.85 crore. The firm had reported a profit of Rs 2.26 crore in the year-ago period. 

Earlier in January, shares of Nova Agritech made a decent debut on exchanges as they got listed at Rs 56 on the BSE against an issue price of Rs 41 i.e. a premium of 36.59 per cent. The shares opened at Rs 55 on the NSE. 

The Initial Public Offer (IPO) of Nova Agritech got a good response from investors and was subscribed a whopping 109.36 times on the last day of subscription on Thursday, with heavy participation coming in from institutional investors. The Rs 143.81 crore IPO had a price range of Rs 39-41 a share.

The IPO of the manufacturer of agricultural products had a fresh issue of up to Rs 112 crore and an offer-for-sale of up to 77,58,620 equity shares.

Incorporated in 2007, the firm manufactures, distributes and markets soil health management products, crop nutrition, biostimulants, bio-pesticide, integrated pest management products and crop protection products.