Panama Petrochem rallied 6.42% to Rs 369.60 after the company's consolidated net profit rose 20.02% to Rs 60.98 crore on 45.17% increase in revenue from operations to Rs 740.97 crore in Q4 FY24 over Q4 FY23.
Profit before tax came in at Rs 73.74 crore in Q4 FY24, up 17.85% from Rs 62.57 crore posted in the corresponding quarter previous year.
Total expenses spiked 48.79% year on year to Rs 670.56 crore during the quarter. Cost of material consumed was at Rs 605.80 crore (up 48.43% YoY) in Q4 FY24.
On a full year basis, the consolidated net profit declined 16.23% to Rs 195.15 crore despite of 4.80% rise in revenue to Rs 2,356.74 crore in FY24 over FY23.
Meanwhile, the companys board has recommended a final dividend of Rs 4 per share for FY24. The dividend, if approved by the shareholders, will be paid within two weeks from the conclusion of the ensuing annual general meeting.
Panama Petrochem is engaged in the business of manufacturing of petroleum derivative products which find application in industries such as cosmetics & pharmaceuticals, inks/coatings, textiles, automo bile, power, engineering, and rubber. The product portfolio includes liquid paraffin oils, petroleum jelly, ink oils, antistatic coning oil, rubber process oils, transformer oils, cable filling compounds and paraffin wax.
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