Shares of Navin Fluorine International zoomed 6 per cent to Rs 1,655 on the BSE after the company reported a 675.13 per cent surge on a year-on-year (YoY) basis in consolidated net profit to Rs 272.69 crore in March quarter of 2019-20 (Q4FY20).
The company's sales rose 9.5 per cent YoY to Rs 276.57 crore in the quarter as against Rs 252.58 crore posted during the corresponding quarter last year.
It posted a 52 per cent YoY growth in its Speciality Business revenues to Rs 104 crore on the back of strong performance in domestic and export markets driven by higher volumes. CRAMS Business revenues grew at 26 per cent YoY to Rs 54 crore on successful commissioning and operations of cGMP-3 plant, and strong order book position.
On the other hand, the Refrigerant Business revenues declined 31 per cent YoY to Rs 56 crore whille growth in inorganic flouride business remained flat.
For the full year, the company's net profit rose 174.04 per cent to Rs 408.59 crore in the year ended March 2020 and sales rose 6.59 per cent to Rs 1,061.55 crore.
The stock also got a lift from the company's update that the Covid-19 was unlikely to have any significant impact on its operations.
"Company’s Management has carried out a detailed assessment of the impact of COVID-19 on its business operations and liquidity position, and on the recoverability and carrying values of its assets for the next one year.. and is of the opinion that there won’t be any significant impact of COVID-19 on its operations. However, the Company will continue to monitor any material changes to future economic conditions," the company said in an exchange filing.
It said the Company had temporarily suspended manufacturing operations at its facilities at Bhestan, Gujarat and Dewas, Madhya Pradesh. It restarted operations in these facilities from April 14, 2020 after obtaining requisite permissions from concerned government authorities.
"Currently, all the plants manufacturing products for life science and crop science sectors are running to optimum capacities, whereas those for industrial sectors continue to operate at sub-optimum levels," it said.
At 10:08 AM, the stock was up 4.06 per cent at Rs 1625 on the BSE as compared to 0.34 per cent gain in the S&P BSE Sensex. Around 4.3 lakh shares have changed hands on the NSE and BSE combined so far. The stock was also trading close to its all-time high of Rs 1,694, hit on April 28, 2020.
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