Zuari Agro surges 20% on four-fold jump in Q2 profit

The stock locked in upper circuit of 20% at Rs 591 on the BSE after the company reported four-fold jump in net profit at Rs 53.52 crore in Q2FY18

Zuari Agro Chemicals is locked in upper circuit of 20% at Rs 591 on the BSE after the company reported a four-fold jump in net profit at Rs 53.52 crore in July-September quarter (Q2FY18). The fertiliser company had profit of Rs 13.39 crore in the same quarter last fiscal.

The company’s income from operations during the quarter under review stood at Rs 1,314 crore from Rs 1,054 crore in the corresponding quarter of previous fiscal.

Zuari Agro Chemicals said revenues from operations for the quarter are not comparable with previous periods, since sales are net of Goods and Service Tax (GST) whereas excise duties formed part of other expenses in previous periods.

Till 03:17 pm, the trading volumes on the counter rose multiple-fold with a combined 1.55 million shares changed hands on the BSE and NSE. There were pending buy orders for 271,056 shares on both the exchanges.

Zuari Global too locked in upper circuit of 20% at Rs 168, also its 52-week high on the BSE.