Sumitomo Chemical Shares At Over Three-Month High After Profit Beats Estimates
The company's consolidated net profit grew 52.4% on year to Rs 110 crore in the January–March quarter, beating Bloomberg estimated of Rs 80 crore.
Shares of Sumitomo Chemical India Ltd. rose to their highest level in over three months on Tuesday after its profit beat analysts' estimates in the fourth quarter ended March 2024.
The company's consolidated net profit grew 52.4% on year to Rs 110 crore in the January–March quarter, according to an exchange filing. Analysts polled by Bloomberg estimated a net profit of Rs 80 crore.
Sumitomo Chemical Q4 Results: Highlights (Consolidated, YoY)
Revenue up 3.5% to Rs 674 crore. (Bloomberg estimate: Rs 651 crore).
Ebitda up 73.9% to Rs 140 crore. (Bloomberg estimate: Rs 101 crore).
Margin at 20.8% versus 12.4% (Bloomberg estimate: 15.5%).
Net profit up 52.4% to Rs 110 crore. (Bloomberg estimate: Rs 80 crore).
Shares of Sumitomo Chemical India Ltd. surged 9.30% to Rs 481.15, the highest level since Feb. 20. It was trading 8.83% higher at Rs 479.95 as of 10:39 a.m., compared to 0.21% advance in the NSE Nifty 50 index.
The stock gained 19.64% in 12 months and 20.30% on year to date basis. Total traded volume so far in the day stood at 60 times its 30-day average. The relative strength index was at 82.16, which implied the stock is overbought.
Out of 10 analysts tracking the company, seven maintain a 'buy' rating, one recommends a 'hold,' and two suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 11.6%.
