Sumitomo Chemical stock jumps over 9% to 52-week high as profit jumps 52% in Q4
₹482. Post today's jump, it has now advanced over 43 percent from its 52-week low of ₹336.40, hit on March 14, 2024.
The stock has gained over 12 percent in the last one year and risen over 19 percent in 2024 YTD.The scrip has jumped 19 percent in May so far following a 15.3 percent increase in April. However, it fell 7 percent and 10 percent in March and February, respectively.
Before that, it added around 3 percent in January this year.In the March quarter, the company posted a 52 percent increase in its consolidated net profit at ₹109.89 crore versus ₹72.12 crore in the year-ago period. Meanwhile, its total income rose marginally to ₹700.90 crore in the quarter under review from ₹668.05 crore in the corresponding period of the preceding year.On the operating front, EBITDA grew 73.9 percent to ₹140 crore in Q4FY24 while the margin rose to 20.8 percent in the quarter under review versus 12.4 percent in the same quarter last year.Overall, in the financial year 2023-24 (FY24), the company's net profit declined over 26 percent to ₹369.74 crore from ₹502.20 crore in the preceding year FY23.
Whereas, total income fell 17 percent to ₹2,939.61 crore in FY24 as against ₹3,555.81 crore in FY23."Over the preceding two years (FY22 & FY23), the company had experienced a positive business environment. Our primary focus during this period was to maximize performance in such favorable conditions and exceed expectations.
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