Seasoned investor Vijay Kedia did not tinker with his stake in Panasonic Energy India Company for the 30th quarter in a row. Shareholding data suggests Kedia has been holding 93,004 shares, or 1.24 per cent stake, in this microcap company at least since December quarter of 2015. He stayed put on the stock in the March quarter, even as the scrip has performed badly of late.
Panasonic Energy India Company is a manufacturer and supplier of dry cell batteries and lighting products. A part of Panasonic Corporation, the Vadodara-headquartered company manufactures and supplies zinc carbon, alkaline, lithium, rechargeable batteries and lighting products. It specialises in metal jacketed dry battery, high performance pencil battery, Zinc-chloride technology and eco-friendly batteries in India.
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The company reported Rs 4.79 crore in losses for the first nine months of FY23 compared with Rs 10.66 crore profit in the comparable period a year-ago. Revenue from operations rose to Rs 192.46 crore for the nine-month period against Rs 181.88 crore in the comparable period last year.
Data showed the stock has fallen 10 per cent year-to-date against 2.18 per cent drop in the BSE Sensex. It dropped 15.37 per cent in the six-month period and 23 per cent in the one-year-period. That said, Kedia’s stake in the company is valued at just Rs 2 crore, which is negligible when one looks at his portfolio of 15 stocks that was last valued at Rs 678 crore.
At last traded price, the stock offered a dividend yield of 3.29 per cent. Its dividend yield stood at 2.70 per cent in FY22, 4.01 in FY21 and 3.71 per cent in FY20.
To build an efficient supply chain model, to improve productivity and to enhance competitiveness, the company in September 2022 decided to consolidate its operations and shift its manufacturing operations from Vadodara plant to its existing plant of Pithampur (Madhya Pradesh) plant. The process of dismantling of machinery has started, the company said while reporting its December quarter results.
