Q2 results 2023: ONGC-backed chemical stock logs 200% YoY jump in net profit in Q2. Shares jump
Stock market today: Oil and Natural Gas Corporation (ONGC)-backed chemical company Vikas Lifecare Ltd has declared its Q2 results 2023. The super specialty chemical manufacturer has reported near 200 per cent rise in its net profit to ₹7.17 crore in Q2FY24 results. Company's total income in second quarter of the current financial year stood at ₹110.60 crore, which was at ₹106.30 crore in April to June 2023 quarter.
This means, the ONGC-backed chemical company has managed to improve its income in recently ended September 2023 quarter on quarter-on-quarter (QoQ)-basis. After announcement of Q2 results 2023, Vikas Lifecare share price today opened flat but soon caught attention of Dalal Street bulls. The small-cap stock is currently quoting ₹5 apiece on NSE, near 2 per cent higher from its Wednesday close.
The chemical company went on to report that its comprehensive income stood at ₹8 crore during September 2023 quarter whereas its total comprehensive income was at ₹2.83 crore in the corresponding quarter in previous financial year. This means the chemical company has logged 182 per cent YoY rise in its comprehensive income. Nestle Q3 results: Board approves stock split in 1:10 ratio, declared dividend Company's revenue from operations improved on QoQ basis as well.
In July to September 2023 quarter, company's revenue from operations stood at ₹103.86 crore, whereas its revenue from operations in previous quarter in current fiscal stood at ₹94.79 crore. This means, Vikas Lifecare's revenue from operations grew 9.57 per cent on QoQ basis. For the first six-month period of the current financial year, Vikas Lifecare Ltd posted a net profit of ₹19.35 crore as against a net profit of ₹5.19 crore that it had reported in the
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