Sharda Cropchem shares hit record high amid market crash, here's why

Shares of Sharda Cropchem hit a record high on Friday on stellar Q1 earnings. The stock hit an upper circuit of 20% at Rs 1090.25 against the previous close of Rs 908.55 on BSE. Market cap of the firm stood at Rs 9836 crore. Net profit surged five times year-on-year to Rs 143 crore compared to Rs 27 crore in the same period last year.

Revenue climbed 22% year-on-year to Rs 958 crore compared to Rs 785 crore in the corresponding quarter last year.

Sharda Cropchem logged a foreign exchange gain of Rs 73 crore, against a loss of Rs 8 crore in the year-ago period.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) surged sharply to Rs 216 crore from Rs 77 crore a year earlier.

Meanwhile, Sensex crashed 714 pts to 81,469 and Nifty slipped 230 pts to 24,832 in the afternoon session today,

Sharda Cropchem is principally engaged in export of agrochemicals (technical grade and formulations) and non-agro products such as conveyor belts, rubber belts/sheets, dyes & dye intermediates and general chemicals to various countries across the world.