Arkade Developers share price skyrocketed over 8 percent in early trade after the recently listed company reported a rise of nearly 360 percent in its net profit. The stock opened with a gain of 4.25 percent today.
It touched an intraday high of Rs 172.61 per share on the NSE, rising 8.4 percent from its previous close. In fact, the stock has been gaining for the last two days and has risen 7.79 percent in the period.
Arkade Developers on Thursday reported a 360 percent rise in its net profit at Rs 30.21 crore in June 2024 quarter. The company had reported a net profit of Rs 6.57 crore during the April-June period of preceding 2023-24 fiscal, the company said in an exchange filing. Sequentially, the company reported Rs 19.61 crore profit, a rise of 54 percent.
The total income increased over 100 percent to Rs 125.51 crore in the reporting period from Rs 62.01 crore a year ago. During the quarter under review, the company's expenses increased to Rs 84.76 crore from Rs 52.32 crore in the same period a year ago.
The company has a strong foothold in prime locations across Mumbai, with a portfolio including new developments and redevelopment projects. It has shown steady revenue growth and solid financial performance, underscoring its robust fundamentals.
Shares of Arkade Developers made a solid stock market debut on September 24, listing at Rs 176, a premium of 37.5 percent over the issue price of Rs 128 per share on the BSE.
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