Indri Whisky Maker Locked In Upper Circuit For Tenth Straight Session
The company's net profit rose multifold in Q4 FY24, even as it announced a Rs 1,000-crore fundraise.
Piccadily Agro Industries Ltd., the maker of award-winning Indri Whisky, has added 100% to its share price since the start of April. For the tenth consecutive session, the stock remained locked at the 5% upper circuit limit on Friday.
It announced a fundraise of up to Rs 1,000 crore in one or more tranches or an equivalent amount via qualified institutional placement on April 22. Proceeds from the fundraise will be used to expand capacity, Dharmendra Kumar Batra, the whole-time director of the company, told NDTV Profit recently.
"We have got this huge surge in demand, which we were not expecting," said Batra. The company plans to expand its capacity from 12,000 litres every day to 30,000 litres a day by the end of the year and 60,000 litres towards the end of the next, he said.
The whisky maker's net profit rose multifold to Rs 43.02 crore in the fourth quarter of fiscal 2024, as compared with Rs 4.97 crore in the year-ago period. However, it declined 4.2% sequentially.
The company's net profit margin will be 13–15% and the operating profit will be maintained at current levels, Batra said, as it plans for premium product launches—including Camikara cane juice rum—which he is bullish on.
On Friday, the stock was locked in the 5% upper circuit at Rs 605.25 per share, its lifetime high. This compares with a 0.7% decline in the BSE Sensex.
It has risen 119.69% year-to-date and over 1,100% in the last 12 months. Total traded volume so far in the day stood at 3.3 times its 30-day average. The relative strength index was at 90.2, indicating that the stock may be overbought.