Navin Fluorine hits record high after strong Q2 performance

Navin Fluorine International jumped 5.33% to Rs 2234.4 after the chemical maker posted a 43% jump in consolidated net profit to Rs 67.81 crore in Q2 September 2020 from Rs 47.34 crore in Q2 September 2019.

Consolidated net sales for Q2 September 2020 stood at Rs 318.92 crore, rising 17% from Rs 272.94 crore in Q2 September 2019. The company said total revenue is returning back to normal in Q2. The result was announced after market hours yesterday, 28 October 2020.

Consolidated profit before came at Rs 89.13 crore, 30% higher than Rs 68.43 crore in the same period last year. Current tax expenses rose 38% year on year to Rs 30.4 crore in Q2 September 2020 over Q2 September 2019.

Operating EBITDA grew 33% to Rs 90.7 crore in Q2 September 2020 over Q2 September 2019. EBITDA margin improved to 28.4% in Q2 September 2020 from 25% in Q2 September 2019.

The company said it saw strong momentum in high value business performance but legacy business volume were lower due to weak demand from end users due to COVID-19.

Meanwhile, the board has declared an interim dividend of Rs 5 per share and fixed 11 November 2020 as record date.

Shares of Navin Fluorine hit a record high of Rs 2,270.50 on BSE in intraday trade today. The stock is up 170.6% from its 52-week low of Rs 825.55 hit on 7 November 2019.

Navin Fluorine International is one of the manufacturers of speciality fluorochemicals.

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