India Glycols shares surge 12% after manifold jump in Q4 profit

New Delhi: Shares of India Glycols jumped 12 per cent during early trade on Monday after the company posted a strong set of quarterly numbers.

The commodity chemical company reported a 296 per cent jump in consolidated profit to Rs 70.99 crore in the March 2021 quarter, as against a net profit of Rs 17.91 crore in the same quarter previous year.

Shares of India Glycols soared 12 per cent to Rs 619.65 on Monday. The counter was trading at Rs 618.6 at 10.25 am. BSE Sensex was trading flat at 52,913.17 at the same time. The counter settled at Rs 552.55 on Friday.

The revenue of the company rose to Rs 1,604.14 crore in the March 2021 quarter, as against a revenue of Rs 1,350.4 crore in the quarter a year ago.

Shares of India Glycols have almost doubled in the year 2021. The counter is up by 30 per cent in the last one month.

For the full financial year 2020-21, the net profit of the company jumped 45.9 per cent to Rs 109.2 crore as against Rs 74.85 crore in the previous year. Its revenue during the year inched up 4 per cent to Rs 5,442.73 crore during the period under review.

The company's board has approved a dividend of Rs 6 per equity share. It has also approved raising funds of up to Rs 250 crore.