The shares of the agrochemical manufacturer gained up to 4.4 percent after the company’s board of directors approved a stock split in the ratio of 1:10.
With a market capitalization of Rs 1,904.15 crore, the shares of Bhagiradha Chemicals & Industries Ltd were trading at Rs 1,829.95 per share, increasing around 3 percent as compared to the previous closing of Rs 1,777.70 apiece.
According to the company filing, Bhagiradha Chemicals & Industries Ltd’s board of directors approved a sub-division/ Split of existing 1 (One) Equity Share of the face value of Rs. 10 each of the company fully paid up into 10 equity shares of the face value of Re. 1 each, fully paid up.
Looking into Bhagiradha Chemicals & Industries Ltd’s performance, revenue decreased by 40 percent from Rs 126.00 Crore in Q3FY23 to Rs 74.37 Crore in Q3FY24. During the same duration, net profit declined by 69 percent from Rs 12.09 crore to Rs 3.69 crore.
As a result of the annual underperformance, the company’s return ratios also fell in percentage terms, with the return on equity (RoE) falling from 18.82 percent in FY21-22 to 14.41 percent in FY22-23 and the return on capital employed (RoCE) falling dramatically from 28.84 percent to 19.86 percent over the same timeframe.
According to the most recent shareholding data for the December 2023 quarter, the company’s promoters own 23.52 percent of the stock, public (retail) investors own 76.32 percent, and foreign institutional investors (FIIs), who recently increased their stake, own 0.17 percent.
Bhagiradha Chemicals & Industries Limited is an Indian firm that manufactures agrochemicals. The company offers a 15-product portfolio that includes insecticides, herbicides, fungicides, and other intermediates.
Written by:- Abhishek Singh
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