Vikas Lifecare shares jump 10% as agro division bags Rs 15.5 crore order

Shares of Vikas Lifecare surged 10 per cent during the early trading session on Thursday after the company bagged new orders worth Rs 15.5 crore. The agro products division of Vikas Lifecare has bagged fresh orders worth Rs 15.5 crore to be executed within the second quarter of 2023-24, the company said in an exchange filing.

Vikas Lifecare's agro products division has achieved Rs 48 crore in sales before bagging this fresh order and the company targeting a goal of Rs 360 crore for the division for the current fiscal year, the company said. The division had accomplished sales of Rs 200 crore in the previous financial year.

Following the order win announcement, shares of Vikas Lifecare jumped about 10 per cent to Rs 3 on Thursday, commanding a total market capitalization of more than Rs 425 crore. The scrip had settled at Rs 2.75 in the previous session on BSE.

Vikas Lifecare is poised to scale up the agro-products business and is eyeing export orders in the coming month. The company is also looking out for appropriate opportunities for backward integration for the agro products considering and evaluating proposals for establishing or acquiring rice processing facilities by the year 2024-25, the company said.

For the quarter ended on March 31, Vikas Lifecare clocked a standalone net loss of Rs 25.96 crore in the fourth quarter ended March 2023 and its total income dropped to Rs 84.15 crore. The company's net loss stood at Rs 15.36 crore with a total income at Rs 434.41 crore for the year 2022-23.

Vikas Lifecare is engaged in various business segments including polymer & rubber commodities, compounds and master-Batches. It also manufactures up-cycled compounds from industrial and post-consumer waste and scrap materials. It also provides a wide variety of base polymers and commodity raw materials to ONGC.

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