Balrampur Chini hits 52-week high as Q3 profit doubles

The stock was up 5% to Rs 162 in early morning trade after reported net profit of Rs 175 cr in Q3.

Balrampur Chini Mills hit a 52-week high of Rs 162, up 5% on the BSE in early morning trade after the company reported net profit of Rs 175 crore for the quarter ended December 2016 (Q3). The sugar manufacture had reported profit of Rs 87 crore in the same period last year.

Net revenue grew by 12.25% to Rs 989 crore during the quarter under review against Rs 881 crore in the corresponding quarter of previous fiscal.

EBITDA (earnings before interest, tax, depreciation and amortization) margin improved to 24.89% in Q3FY17 from 13.34% in Q3FY16.

“The strong performance in Q3 was led by healthy performance in the sugar division, although there was a temporary dip in volumes and realizations in November on account of demonetization. Allied businesses including distillery and co-generation also delivered stable results,” said Vivek Saragoi, managing director, Balrampur Chini Mills.

At 09:39 am; the stock erases early morning gain and was up 1% at Rs 155 on the BSE as compared to 0.15% rise in the S&P BSE Sensex. A combined 812,107 shares changed hands on the counter on the BSE and NSE so far.