Micro-cap stock Delphi World Money hits 10% upper circuit amid heavy volumes

On a year-to-date (YTD) basis, the stock of this micro-cap company surged 5 percent versus a 10 percent rise in the benchmark Sensex. The market capitalisation of the company stood at Rs 454 crore

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Shares of Delphi World Money hit a 10 percent upper circuit of Rs 408 apiece in the intra-day trade on September 21 on the back of heavy volumes. In comparison, the S&P BSE Sensex was down 601 points or 0.9 percent to 66,199 levels, as of 12:50 pm.

The Mumbai-headquartered Delphi World offers money exchange services. It operates a slew of shops offering foreign exchange, demand drafts, telegraphic transfers, pre-paid travel cards, general insurance, branded gold coins and inbound money transfer services.

As of 12:50 pm, around 8,000 shares of Delphi World exchanged hands at both exchanges against the monthly average of 2,000 shares.

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On a year-to-date (YTD) basis, the stock of this micro-cap company surged 5 percent versus a 10 percent rise in the benchmark Sensex. The market capitalisation of the company stood at Rs 454 crore.

Earlier, the stock had hit a 52-week high of Rs 475 per share on August 8, 2023, while it touched a 52-week low of Rs 267 per share on March 23, 2023.

According to the company’s 38th annual report 2022-23 (FY23), Delphi World’s total income from operations rose 73 percent year-on-year (YoY) to Rs 2,630 crore from Rs 1,515 in 2021-22.

On the revenue front, sales from foreign currencies, remittances, prepaid cards, commission and brokerage rose 75 percent YoY to Rs 2,572 crore in FY23. Income from money transfers was up 15 percent YoY in FY23.

That apart, revenue from contracts with customers, which included money transfer services and foreign currency services rose 37 percent YoY to Rs 86 crore in FY23. The company’s profit after tax, on the other hand, jumped 89 percent YoY to Rs 15 crore in FY23 from Rs 7 crore in FY22.

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