Neogen Chemicals Ltd. rose to the highest level in over six months Thursday after its profit rose in the quarter ended March 2024. The chemical producers' net profit grew 18.3% year-on-year to Rs 16.93 crore in January-March, according to an exchange filing.
Neogen Chemicals Q4 Results Highlights (Consolidated, YoY)
Revenue down 2.1% at Rs 199.65 crore.
Ebitda up 9.81% at Rs 35.79 crore.
Margin up 194 basis point at 17.92%.
Net profit up 18.3% at Rs 16.93 crore.
Shares of the company rose 5.58% to Rs 1,628.50, the highest level since Oct. 23, 2023. It was trading 2.86% higher at Rs 1,586.28 as of 11:26, compared to a 0.15% advance in the NSE Nifty 50 index.
The scrip has risen 2.69% in last 12 months and 7.14% so far this year. Total traded volume so far in the day stood at 4.6 times its 30-day average. The relative strength index was at 74.15.
Out of nine analysts tracking the company, six maintain a 'buy' rating and three recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies an upside of 6.7%.
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