Manali Petrochemical zooms 20% on robust Q4 results

The stock locked in upper circuit of 20% at Rs 41.55 on the BSE after the company reported a record quarterly net profit of Rs 266 million in March quarter

Manali Petrochemical is locked in upper circuit of 20% at Rs 41.55 on the BSE with only buyers were seen on the counter in otherwise subdued market after the company reported a record quarterly net profit in March quarter (Q4FY18).

The petrochemicals company posted four-fold jump in its standalone net profit at Rs 266 million in Q4FY18, on back of strong operational performance. The company had profit of Rs 67 million in the corresponding quarter of previous fiscal.

Revenue from operations during the quarter under review grew 12% at Rs 1,899 million, while total expenditure declined 7% at Rs 1,493 million over the previous year quarter.

On consolidated basis, Manali Petrochemical reported 46% growth in net profit of Rs 579 million for the financial year 2017-18 against Rs 396 million in previous fiscal.

The trading volumes on the counter surged multiple-fold with a combined 6.71 million shares changed hands on the BSE and NSE till 09:56 am. There were pending buy orders for 2.03 million shares on both the exchanges.

The stock is trading close to its 52-week high of Rs 43.85 touched on January 8, 2018. It hit an all-time high of Rs 60 on the BSE on April 2, 1992 in intra-day trade.