Q4 Results: Nova Agritech's net profit rises by 145%

Manufacturer of agricultural inputs Nova Agritech Ltd has informed the stock market that its net profit for January-March quarter increased by 2.60 per cent to Rs 8.28 crore. The company's net profit in the same quarter in previous year was Rs 8.07.

However, the sales of the company declined to Rs 70.77 crore in the last quarter of FY2024. It fell 3.28 per cent from 73.17 crore in the same quarter of 2023.

The company recently informed that the Department of Scientific and Industrial Research (DSIR) of Government of India under Ministry of Science and Technology, New Delhi, has accorded prestigious recognition to in-house Research and development (R&D) unit of the company located at Siddipet District, Telangana.

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.