Neogen Chemicals Ltd.'s share price rose nearly 10% on Monday after its third-quarter net profit saw a multifold surge. The company reported that its consolidated net profit rose to Rs 10 crore, from 1.1 crore in the corresponding period of the previous financial year.
Neogen Chemicals' revenue rose 22.5% on the year to Rs 201 crore from Rs 164 crore. The figure was also above Bloomberg's estimate of Rs 192 crore. Its operating profit surged 70.7% on the year to Rs 34.6 crore from Rs 20.3 crore.
Neogen Chemicals' margin is at 17.2% compared to 12.3% in the corresponding period a year ago.
Neogen Chemicals share price rose 9.71% to Rs 2,191.00 apiece, the highest level since Jan 10. It, however, pared gains to trade 5.16% higher at Rs 2,100 apiece as of 9:32 a.m., as compared to 0.63% decline in the NSE Nifty 50 index.
The stock rose 50.06% in 12 months. Total traded volume so far in the day stood at 2.28 times its 30-day average. The relative strength index was at 55.82.
Out of 10 analysts tracking the company, seven maintain a 'buy' rating, and three recommend a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 10.9%.
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