Shares of Mangalore Chemicals & Fertilisers Ltd. rose the most in over a week after its fourth-quarter net profit jumped over 1,800% year-on-year.
The company's March quarter net profit surged 1,845% year-on-year to Rs 67.9 crore from Rs 3.49 crore in the same period a year earlier, according to an exchange filing. It also said its ammonia energy improvement project was commissioned in September 2022, and the production of urea and ammonia has been ramped up since then.
The company has optimised operations by adding a suitable product mix to its fertiliser business with respect to DAP and NPK, it said in its investor presentation. However, the viability of these products depends on the availability of critical raw materials.
Mangalore Chemicals & Fertilizers Q4 FY23 (YoY)
Revenue up 61.87% at Rs 1,163.62 crore.
Ebitda up 427.85% at Rs 127.95 crore.
Ebitda margins at 11% vs 3.37%.
Net profit up 1,844.99% at Rs 67.88 crore.
The company recommended a dividend of Rs 1.50 per share for the fiscal ended March 31.
Shares of the company rose 3.96% to Rs 102.5 apiece as of 10:53 a.m., compared to 0.09% decline in the benchmark, NSE Nifty 50 Index.
The stock gained as much as 6.49% intraday, the most in over a week since May 2. Total traded volume so far in the day stood at 10.8 times its 30-day average. The relative strength index was at 59.2.
One analyst tracking the company maintains a 'buy' rating on the stock, according to Bloomberg data.
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