Mumbai-based Sunita Tools, a company serving various sectors with its large dimensional products, experienced a financial turnaround in FY23 after struggling with negative net worth in FY20 and FY21. The company, which caters to the automotive, electronics, consumer goods, and manufacturing sectors, saw a 59% revenue increase to INR 14.17 crore and a net profit of INR 3.37 crore.
This financial recovery led to the listing of its shares on BSE SME. Despite an initial premium listing, the shares experienced a 5% dip shortly after. The company's oversubscribed IPO was managed by Aryaman Financial Services and registered by Kfin Technologies, resulting in a market cap of INR 81.56 crore and a trailing PE ratio of 16.88x.
The successful IPO and subsequent listing represent a significant turnaround for Sunita Tools, which had previously reported negative net worth in FY20 and FY21. The increase in revenue and profit in FY23 marks a notable shift in the company's financial performance.
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