 "Seshasayee Paper hits new high on robust Q2 earnings")
Seshasayee Paper & Boards has moved higher to its new high of Rs 840, up 20% on BSE in early morning trade, after the company reported an over four-fold jump in net profit at Rs 30.70 crore for the quarter ended September 30, 2016 (Q2FY17), due to lower raw material and finance cost. The company had posted a profit of Rs 7.19 crore in the same quarter last fiscal.
Net sales of the company grew 15.8% at Rs 278 crore in Q2FY17 against Rs 240 crore in Q2FY16. The raw material cost declined by 5.4% to Rs 141 crore from Rs 149 crore in the corresponding quarter of previous fiscal. Finance cost reduced 41% to Rs 4.95 crore from Rs 8.33 crore.
Seshasayee Paper & Boards posted net profit of Rs 54.82 crore in first half (April-September) of the current financial year 2016-17 (FY17), surpassing in entire previous fiscal (FY16) net profit of Rs 35.58 crore. It reported profit of Rs 12.58 crore in first half of FY16.
Thus far in FY17, the stock zoomed 259% from Rs 234 on March 31, 2016 as compared to 8.6% rise in the S&P BSE Sensex.
At 10:29 am, the stock was up 11% at Rs 780 on BSE. A combined 133,442 shares changed hands on the counter on BSE and NSE.
Net sales of the company grew 15.8% at Rs 278 crore in Q2FY17 against Rs 240 crore in Q2FY16. The raw material cost declined by 5.4% to Rs 141 crore from Rs 149 crore in the corresponding quarter of previous fiscal. Finance cost reduced 41% to Rs 4.95 crore from Rs 8.33 crore.
Seshasayee Paper & Boards posted net profit of Rs 54.82 crore in first half (April-September) of the current financial year 2016-17 (FY17), surpassing in entire previous fiscal (FY16) net profit of Rs 35.58 crore. It reported profit of Rs 12.58 crore in first half of FY16.
Thus far in FY17, the stock zoomed 259% from Rs 234 on March 31, 2016 as compared to 8.6% rise in the S&P BSE Sensex.
At 10:29 am, the stock was up 11% at Rs 780 on BSE. A combined 133,442 shares changed hands on the counter on BSE and NSE.
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