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Sumitomo Chemical hits record high after strong Q1 performance

Capital Market 

Sumitomo Chemical India added 1.68% to Rs 439 after the company's consolidated net profit increased by 33.4% to Rs 105.75 crore on a 20.7% rise in net sales to Rs 782 crore in Q1 FY22 over Q1 FY21.

As compared with Q4 FY21, the company's net profit and net sales are higher by 95.4% and 46.4%, respectively.

Profit before tax in Q1 FY22 stood at Rs 142.34 crore, up by 30.7% from Rs 108.91 crore in Q1 FY21. Current tax expenses rose by 12.7% YoY to Rs 36.46 crore during the period under review.

The scrip advanced 6.52% to hit the day's high at 459.90, which is a record high for the counter.

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

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, August 05 2021. 10:50 IST