Premier Roadlines Ltd., a freshly listed small and medium-sized enterprise, had its shares rise more than 9% on Monday during trading, setting new all-time highs. Due to impressive quarterly profits, the stock had increased by around 20% during the previous trading session on Friday.
For the six months that ended on March 31, 2024, Premier Roadlines had a 77.28 percent increase in net profit on a year-over-year (YoY) basis at Rs 8.07 crore. The company's net profit for the previous year was Rs 4.55 crore. Its first quarterly results upon listing were reported.
From October 2023 to March 2024, operating revenue increased by 37.14 percent year over year to Rs 1,321.17 crore from Rs 963.37 crore in the previous quarter. Recall that SME businesses are required to report their profits to the appropriate exchange every six months. Premier Roadlines' shares saw a 9.45% increase to Rs 113.55 on Monday, valuing the company at over 250 crore. In the previous trading session on Friday, the stock had finished at Rs 103.75, up about 20 per cent. Throughout the previous two trading sessions, the stock has increased by around 31%.
The counter has increased by 48 in only three trading days. It has also increased by more than 65 percent from its 52-week low of Rs 68.65, which it reached on June 04, 2024. Since listing, the stock hasn't, however, exceeded its issue price.
Premier Roadlines is a company that was founded in 2008 that provides logistics solutions, specializing in ground transportation of items weighing between 1 and 250 MT. The firm provides project logistics, oversized/overweight freight transportation throughout India, and basic transportation services.
Premier Roadline's shares were listed on the exchanges on May 17, 2024, following the company's initial public offering (IPO) between May 10–14, which earned a total of Rs 40.36 crore by selling the shares for Rs 67 each. In just one month, the stock has increased by around 70% from its initial offering price.
Customers of the business include KEC International, ThyssenKrupp Industrial Solutions (India), Tata Project, GR Infra, Tata Power Solar Systems, Sterlite Power Transmission, and others. These customers are from a variety of industries, including infrastructure, energy, electricity, oil and gas, mechanical engineering, construction, metallurgy, and more.
The Premier Roadlines IPO was registrared by Maashitla Securities, and the book running lead manager was Hem Securities. Hem Finlease was the market maker for the Premier Roadlines Initial Public Offering.
