September quarter revenue up 21%, profit down 13%; up to Rs 90 crore buyback approved
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On the reaction day the stock moved 4.7 pts less than Nifty Smallcap 250 and 4.2 pts less than its Specialty Chemicals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Consolidated September-quarter revenue rose 21% year on year to Rs 1,877.04 crore, but profit fell 13% to Rs 158.71 crore. First-half revenue rose 23% to Rs 3,724.99 crore and profit rose 31% to Rs 412.64 crore. Group operating cash flow was positive at Rs 391.16 crore. The board approved a buyback of up to Rs 90 crore at Rs 7,500 per share maximum, covering about 0.41% of shares at full use and the ceiling price.
Revenue growth and the buyback may support sentiment, but profit fell 13% in the quarter. The plan covers about 0.41% of shares at the ceiling price.