Sumitomo Chemical gains after turnaround Q4 result

Sumitomo Chemical India rose 2.17% to Rs 280.60 after the company reported a turnaround performance in the fourth quarter of the financial year 2020.

The chemical products maker reported a consolidated net profit of Rs 22.91 crore in Q4 March 2020 as compared to a net loss of Rs 1.12 crore in Q4 March 2019. Net sales during the period rose 5.7% to Rs 445.77 crore.

Profit before tax (PBT) stood at Rs 31.61 crore in Q4 FY20, up by 75.3% from Rs 18.03 crore in Q4 FY19. Current tax expenses fell 66.8% YoY to Rs 7.66 crore in the fourth quarter.

The company's consolidated net profit rose 33.47% to Rs 226.84 crore on 8.81% increase in net sales to Rs 2,424.75 crore in the year ended March 2020 (FY20) over the year ended March 2019 (FY19). PBT stood at Rs 75.49 crore in FY20, down by 22.5% from Rs 97.38 crore in FY19.

Sumitomo Chemical India manufactures chemical products. The company offers agricultural chemical and crop protection products. Sumitomo Chemical serves customers worldwide.

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