Share price of this small-cap chemical stock moved up by 17.5 percent on BSE to hit a new 52-week high at Rs. 10,800 in the morning trading session of Friday, after reporting a rise in the net profit by 338.3 percent QoQ.
With a market capitalisation of Rs. 4,485.4 crore, at 12:17 p.m., the shares of Bharat Rasayan Limited were trading in the green at Rs. 10,600, up by 15.3 percent, compared to its previous closing price of Rs. 9,190.05.
The fluctuations in the share prices were observed after the company announced the financial results for FY24, through the recent filings with the stock exchanges on Thursday post-market hours.
The revenue from operations stood at Rs. 309.62 crore in Q4 FY23-24, indicating a growth of nearly 33 percent QoQ from Rs. 232.94 crore in Q3 FY23-24, and on a year-on-year basis, it increased by 1.22 percent from Rs. 305.88 crore in Q4 FY22-23.
Bharat Rasayan witnessed a rise in the after-tax profit by 338.3 percent QoQ from Rs. 15.31 crore in Q3 FY23-24 to Rs. 67.11 crore in Q4 FY23-24 and grew by 121.85 percent YoY from Rs. 30.25 crore in Q4 FY22-23 to Rs. 67.11 crore in Q4 FY23-24.
Further, the Board of the company has recommended a final dividend of Rs. 1.5 per equity share of the face value of Rs. 10 each for FY23-24, subject to the approval of the shareholders.
As per the shareholding pattern of March 2024, the Promoters hold a 74.99 percent stake in the company, Foreign Institutional Investors hold a 0.34 percent stake, while Retail Investors and Domestic Institutional Investors hold a 22.09 percent and 0.34 percent stake in Bharat Rasayan, respectively.
The stock has delivered positive returns of nearly 7.5 percent in the last one year and about 18 percent in six months. So far in 2024, it has given around 17.7 percent of positive returns.
Incorporated in 1989, Bharat Rasayan Limited is engaged in the business of manufacturing technical-grade pesticides, pesticide formulations and intermediates. Its products are used as raw material by pesticide formulating units whose products are essentially used for plant protection and accelerated output in the agricultural sector.
Written by Shivani Singh
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