The shares of Arkade developers jumped more than 8 per cent on the NSE (National Stock Exchange) after posting a 360 per cent increase in net profit, according to the exchange filing.
On the NSE, it reached an intraday high of Rs 172.61 per share, up 8.4 per cent from its previous close. In actuality, the stock has increased during the past two days, rising 7.79 per cent during that time.
Arkade Developers Q2 FY25
On Thursday, Arkade Developers announced a 360 percent increase in its net profit for the June 2024 quarter, coming in at Rs 30.21 crore. According to a company exchange filing, the company's April–June fiscal year prior to 2023–24 saw a net profit of Rs 6.57 crore.
The company's profit for the previous quarter increased by 54 per cent to Rs 19.61 crore.
Over 100 per cent more revenue was earned during the reporting period—from Rs 62.01 crore to Rs 125.51 crore—than during the previous year. The company's expenses during the reviewed quarter increased to Rs 84.76 crore from Rs 52.32 crore during the same period last year.
Arkade Developers lisitng
The stocks of Arkade Developers made a fantastic market debut. The shares were listed on the National Stock Exchange (NSE) for Rs 175 apiece, representing a 36.7 per cent premium over the Rs 128 issue price. It opened trade on the NSE at Rs 175.9, up 37.4 per cent.
Listing gain
As soon as the stock began trading on exchanges, successful bidders who were allotted shares in the primary issue were sitting on listing gains of Rs 5,170 (Rs 47 x 110), because the minimum bid quantity in the Arkade Developers IPO was 110 shares.
Utiliasation of IPO proceeds
Between 2017 and Q1 2023, the company launched 1,040 residential units in the Mumbai Metropolitan Region (MMR) of Maharashtra, and it sold 792 residential units in various markets.
