Shares of this small cap petrochemical stock gained 4.91 percent today, after the company reported 8 percent increase in revenue and 136 percent increase in profits.
On 20th October 2023, shares of Styrenix Performance Materials Ltd closed at Rs. 1,330 per share, up by 4.91 percent from previous closing price of Rs. 1,276.35 per share.
Such bullish stock price movements were observed after the company through a regulatory filing on Bombay stock exchange (BSE) announced results for Q2FY24. Company’s revenue increased by 8 percent to Rs. 59,803 crores in Q2FY24 from Rs. 55,360.36 in Q2FY23, profit increased by 136 percent to Rs. 5,635.28 crores from Rs. 2,379 crores Year on year.
Looking at the profitability ratios, the company reported return on equity (ROE) of 23.3 percent and return on capital employed (ROCE) of 31.72 percent. Company has debt to equity ratio of 0.01 indicating company has negligible debt.
Promoters of the company hold 62.73 percent, public holds 30.19 percent in the company and the rest are held with FIIs and DIIs.
Styrenix Performance Materials Limited is an India-based company. The Company is a producer of Absolac (ABS). ABS is a plastic resin produced from Acrylonitrile, Butadiene & Styrene, used for manufacturing of home appliances, automobiles, consumer durables and business machines.
Written by: Vinit Israni
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