West Coast Paper’s shares up and surged by upto 22% after Q1FY24 results!

On August 10, 2023 during market hours and shortly before closing West Coast Papers declared its results for the quarter ended on June 30, 2023 or Q1FY24. Following the announcement, the company’s shares experienced a turnaround starting to increase and surging upto 22%.  

Company has reported a 32% rise in its net profit at Rs 162.56 crore for the first quarter ended June 30, 2023, as compared to Rs 123.15 crore for the same quarter in the previous year. The total income of the company remained flat and increased by 0.34% at Rs 665.25 crore for Q1FY24 as compared to Rs 662.99 crore for the corresponding quarter previous year.  

On a consolidated basis, the company has reported a 35.36% rise in its net profit at Rs 282.58 crore for the first quarter ended June 30, 2023, as compared to Rs 208.76 crore for the same quarter in the previous year. The total income of the company increased by 4.29% at Rs 1173.71 crore for Q1FY24 as compared to Rs 1125.41 crore for the corresponding quarter previous year.  

Sequentially the company’s net profit for the quarter which ended on June 30, 2023, decreased by 10.06% from Rs 314.19 crore. In Q1FY24, the company’s total net revenue decreased by 15.14% from Rs 1383.17 crore in the similar quarter the year prior. 

On August 9, 2023 shares of company has closed at Rs 484.30 and from their it started to surged. Yesterday it was closed at Rs 555.10 and currently it is trading at Rs 589.40, up by 6.18%. It has 52 week high of Rs 663.80 and 52 week low of Rs 461.65. Company has market capitalisation of around Rs 3,890 crore. In comparison from August 9, 2023 shares of company has increased by 21.70%. 

West Coast Paper Mills Ltd is one of the oldest and the largest producers of paper for printing, writing, and packaging in India.  

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.