 "Dhanuka Agritech Q2 net profit jumps 15%; board approves share buyback")
Agro chemicals firm Dhanuka Agritech Ltd on Tuesday posted a 15.22 per cent jump in consolidated net profit at Rs 73.02 crore for the second quarter ended September, mainly on the back of higher income.
The Gurugram-based company had reported a net profit of Rs 63.37 crore in the same quarter previous fiscal, according to a regulatory filing.
The company also said its board has approved buying back 10 lakh shares at Rs 850 a share, or up to Rs 85 crore. The buyback would subject to all applicable statutory approvals.
Net income increased 23 per cent on a consolidated basis to Rs 548.39 crore in the latest September quarter. In the year-ago period, the same stood at Rs 445.75 crore.
Expenses remained higher at Rs 450.42 crore as against Rs 361.41 crore in the year-ago period.
The board has fixed November 18 as the record date for the buyback offer.
Shares of the company rose 1.51 per cent to Rs 737.70 in afternoon trade on BSE.