The shares of one of India’s largest independent producer of fine and specialty chemicals rose 12 percent to Rs 121.60 per share after the Gujarat Pollution Control Board revoked the closure decision.
At 1:15 p.m., Indo Amines Ltd shares were trading at Rs 117.80 a share on the Exchange, up Rs 9.10 or 8.37 percent.
According to the company’s exchange fillings, The company has received the revocation of the closure order from the Gujarat Pollution Control Board. The Board has granted consolidation consent and authorization vide its order dated 21st August 2023.
On August 11, the Gujarat Pollution Control Board directed the company to temporarily shut down its Vadodara facility due to noncompliance with several Board directives, including the failure to submit the monsoon action plan to the Board.
The company’s revenue for the quarter ended June 30, 2023 (Q1FY24) is Rs 243 crore, a 6 percent decrease from the previous year’s of Rs 258 crore. The net profit increased by 50 percent to Rs 12 crore from Rs 8 crore in the previous quarter.
Profitability ratios Indo Amines Ltd reported that return on equity at 18.13 percent and return on capital employed at 25.69 percent, while margins marginally increased, with net profit margin at 4.32 percent and operating profit margin at 7.83 percent.
As per the latest shareholding pattern, the promoters own 67.37 percent of the company and retail investors own 32.63 percent.
Indo Amines Limited is a fine and specialty chemical manufacturer, developer, and supplier of performance chemicals, fragrance chemicals, and active medicinal components.
Written by Omkar Chitnis
