Shares of Sharda Cropchem Ltd. jumped over 9% on Monday to the highest in over three months after the company surprised the Street with its better-than-expected earnings in the fourth quarter of financial year 2024.
The pesticide producer's consolidated net profit fell 28% to Rs 143 crore in the quarter ended March, but it is higher than the Rs 63-crore consensus estimate by analysts tracked by Bloomberg. Its profit declined as revenue fell due to low product-price realisation across all regions, according to an investors' presentation.
Sharda Q4 FY24 Earnings Highlights (Consolidated, YoY)
Revenue down 12% to Rs 1,312 crore versus Rs 1,481 crore (Bloomberg estimate: Rs 1,043 crore).
Ebitda down 20% to Rs 255 crore vs Rs 318 crore (Bloomberg estimate: Rs 139 crore).
Margin shrinks 205 basis points to 19.42% vs 21.47% (Estimate: 13.3%).
Net profit down 28% to Rs 143 crore vs Rs 199 crore (Bloomberg estimate Rs 63 crore).
On the NSE, Sharda Cropchem's stock rose as much as 9.4% during the day to Rs 395 apiece, the highest since Feb. 2. It was trading 7.82% higher at Rs 389.30 per share, compared to a 0.43% decline in the benchmark Nifty at 11:45 a.m.
The share price has declined 22.73% in the last 12 months and 13.06% on a year-to-date basis. The total traded volume so far in the day stood at 21 times its 30-day average. The relative strength index was at 66.57.
Four out of the seven analysts tracking the company have a 'buy' rating on the stock and three recommend 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 18.5%.
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