Shares of Crop Life Science tumbled after listing at a premium on August 30 on the NSE EMERGE platform, built for SME companies, in what was a rare disappointment when most SME IPOs are seeing big band listings.
After listing at a premium of 7.6 percent at Rs 55.95, the stock succumbed to selling pressure and fell 5 percent to be locked at lower circuit at Rs 53.15.
The company raised Rs 26.73 crore through fresh issue. The proceeds from the issue worth Rs 70 lakh will be used to repay debt, Rs 19 crore will be used for working capital requirement, and Rs 6.5 crore for general corporate purposes.
The financials
For the period ended on February 18, 2023, the company's revenue stood at Rs 122.54 crore, while net profit stood at Rs 4.37 crore. Total borrowing for the period stood at Rs 26.82 crore. In FY22, its revenue stood at Rs 102 crore as against Rs 118.93 crore. Net profit for the period was at Rs 2.81 crore from Rs 3.7 crore last year.
Corp Life Science Ltd is an agrochemical company that produces, distributes, and markets various agricultural chemical formulations. The company is engaged in the manufacturing of a diverse range of products, including pesticides and micro fertilisers. The pesticides category comprises insecticides, fungicides, herbicides, and weedicides. The company possesses 296 technical formulation approvals for manufacturing insecticide products.
The company holds 133 trademark registrations for its branded products, encompassing various classes and categories, along with its logo. Additionally, there are 19 trademark applications at various stages of processing. The company's formulations are sold under branded names. It possesses eight copyrights registered under the Copyrights Act and has its bottle design registered under the Designs Act and Rules.
It holds four registered patents while also having four patent applications submitted under The Patent Act.
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