Suumaya Industries announces 1:1 bonus issue

21 Feb 2022 , 04:20 PM

Suumaya Industries Ltd an emerging diversified conglomerate group has announced a 1:1 bonus issue rewarding the shareholders on Strong Reserves and Performance for FY22. Suumaya Industries has evolved itself into a significant player within the Agri Value chain.

The company’s diversification and aggressive expansion plans into the agri commodity business are proving to be a strategic move that will drive its long-term growth momentum, the company said in a filing on Monday.

The company today recommended a Bonus of Equity Shares in the ratio of 1:1. The company has also referred to an increase in its authorized capital from Rs54 crore to Rs75 crore.

Suumaya Industries Limited ended at Rs297.50 per piece down Rs0.85 or 0.28% on the NSE.

During the third quarter of FY22, the company reported consolidated revenues of Rs1,012 crore and PAT of Rs96 crore. For the Nine Months period ended December 31, 2021, the company posted Revenues of Rs11,020 crore and PAT of Rs691 crore. The company is driving its business operations in sync with its financial and growth aspirations, including investing in profitable and scalable businesses.

Ushik Gala, Chairman & Managing Director of Suumaya Industries Ltd. said, “We are extremely delighted to announce bonus issue in the ratio of 1:1. The bonus issue is just a token of appreciation to our shareholders, who have remained our pillar in our growth cycle. The company has registered strong all-round performance in FY22 carrying forward the legacy. We are witnessing surge in demand as business is picking up rapidly and we have been able to ride the wave. We are optimistic of sustaining our growth momentum during the year.”

Gala, further added, “We have taken a strategic approach in reorganizing our business model with a more granular and vertical focused. Our growth in the earlier quarters gave us the required impetus to catapult us into a certain planned expansion mode. We are evolving as a company with all our learnings in place. We are now looking towards a more sustainable growth with business plans laid down within each verticals. This is being done to mitigate and put the company on a strong foundation of sustainable growth. The company is endeavoring to emerge as a fully integrated Agri-value chain player — from farm to fork model. Our next phase of growth will come from strengthening our key focus areas based on long term vision and a well-defined business plan.”