Neogen Chemicals Shares Rise Over Six-Month High After Q4 Profit Rise
The chemical producers' net profit grew 18.3% year-on-year to Rs 16.93 crore in January-March, according to an exchange filing.
Neogen Chemicals Ltd. rose to the highest level in over six months Thursday after its profit rose in the quarter ended March 2024. The chemical producers' net profit grew 18.3% year-on-year to Rs 16.93 crore in January-March, according to an exchange filing.
Neogen Chemicals Q4 Results Highlights (Consolidated, YoY)
Revenue down 2.1% at Rs 199.65 crore.
Ebitda up 9.81% at Rs 35.79 crore.
Margin up 194 basis point at 17.92%.
Net profit up 18.3% at Rs 16.93 crore.
Shares of the company rose 5.58% to Rs 1,628.50, the highest level since Oct. 23, 2023. It was trading 2.86% higher at Rs 1,586.28 as of 11:26, compared to a 0.15% advance in the NSE Nifty 50 index.
The scrip has risen 2.69% in last 12 months and 7.14% so far this year. Total traded volume so far in the day stood at 4.6 times its 30-day average. The relative strength index was at 74.15.
Out of nine analysts tracking the company, six maintain a 'buy' rating and three recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies an upside of 6.7%.
