India Glycols shares rise over 4% post Q4 earnings, gain after two sessions

Shares of India Glycols Ltd rose over 4% today after the firm declared its Q4 and fiscal earnings. India Glycols stock has gained after two days of consecutive fall. India Glycols stock touched an intraday high of Rs 644.4, rising 4.31% against the previous close of Rs 617.80 on BSE. Earlier, it opened higher at Rs 619.95. Total 0.18 lakh shares changed hands amounting to a turnover of Rs 1.13 crore on BSE. Market cap of the firm rose to Rs 1961.57 crore. 

The relative strength index (RSI) of stock stands at 57.2, signaling it's trading neither in the overbought nor in the oversold zone. India Glycols stock is trading higher than the 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages.

The petrochemical stock has lost 28.87% in a year and fallen 17.21% this year.

In the March 2023 quarter, the firm reported a 40% fall in profit at Rs 40.32 crore against Rs  67.08 crore profit in the corresponding quarter of the previous fiscal. Sales fell 3.60% to Rs  619.34 crore in the March 2023 quarter against Rs 642.46 crore in the March 2022 quarter. However, net profit rose 31.21% on a quarter on quarter basis from Rs 30.73 crore  in the December 2022 quarter. Sales too climbed 11.85% from Rs 553.70 crore in the December quarter.

In the last fiscal, sales fell 7.58% to Rs 2650 crore against sales of Rs 2868 crore in the previous fiscal. Net profit slipped 63.20% to Rs 125.08 crore in FY23 against Rs 339.85 crore in the previous fiscal.

The board of directors of India Glycols recommended a dividend of Rs 7.50/- per equity share of face value of Rs. 10/- each for the financial year ended March 31, 2023.

India Glycols manufactures green technology-based bulk, specialty and performance chemicals and natural gums, spirits, industrial gasses, sugar and nutraceuticals. The company’s segments include Bio-based Specialities and Performance Chemicals, Potable Spirits and Ennatuer Biopharma.

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