I G Petrochemicals advanced 4.84% to Rs 423.80 at 09:35 IST on BSE after net profit jumped 134.31% to Rs 28.07 crore on 34.19% rise in total income to Rs 289.90 crore in Q4 March 2017 over Q4 March 2016.
The result was announced after market hours yesterday, 3 May 2017.Meanwhile, the S&P BSE Sensex was up 161.55 points or 0.54% at 30,056.36. The S&P BSE Small-Cap index was up 90.08 points or 0.58% at 15,521.04.
On BSE, so far 63,000 shares were traded in the counter as against average daily volume of 26,875 shares in the past one quarter. The stock hit a high of Rs 440 in intraday trade so far, which is record high for the counter. The stock had hit a low of Rs 416 so far during the day. The stock had hit a 52-week low of Rs 124.10 on 26 May 2016.
The small-cap company has an equity capital of Rs 30.79 crore. Face value per share is Rs 10.
I G Petrochemicals' earnings before interest, taxation, depreciation and amortization (EBITDA) surged 96% to Rs 45.60 crore in Q4 March 2017 over Q4 March 2016. EBITDA margin expanded 490 basis points to 15.8% in Q4 March 2017 from 10.9% in Q4 March 2016 on the back of better recovery processes, operational efficiency and stringent cost control measures.
I G Petrochemicals said that India's current Phthalic Anhydride (PAN) consumption is about 3.5 lakhs MTPA and is expected to grow at 8% - 9% in future, backed by the thrust of Infrastructure and GDP growth. Being India's largest PAN manufacturer with more than two decades of experience, the company feels there is a huge growth opportunity for it in the coming years.
The company's board of directors have approved the raising of funds by way of borrowings/equity (including bank loans, external commercial borrowings, qualified institutions placement, preferential allotment or any other permitted mode) for long term working capital requirements, repayment of debt, growth plan, etc. for an aggregate amount not exceeding Rs 150 crore.
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I G Petrochemicals is a player in Phthalic Anhydride (PAN) which is used in industries such as flexible PVC, plastics, paints, construction, transportation and marine. It is one of the lowest cost producer of PAN globally.
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