Jyothy Laboratories has gained over 2% this afternoon on hopes of an improvement in their margins in the following quarter.
The company on Thursday reported 10.38% decline in net profit at Rs 26.05 crore for the third quarter ended December 31, 2012.
The company had posted a net profit of Rs 29.07 crore for the corresponding period of previous fiscal.
Net sales of the company, however, rose to Rs 203.78 crore for the third quarter, as against Rs 166.31 crore for the same period of 2011-12 fiscal, Jyothy Laboratories Ltd said in a BSE filing.
According to Chairman and Managing Director M P Ramachandran, the company has strategised plans for some brands which will be beneficial going forward. Jyothy Labs would further strengthen its global operations with the start of its Bangladesh unit by the end of FY13.
Moreover, the merger of Jyothy Laboratories with Henkel India, announced in the first quarter of FY13, will be completed by March-end. The mandatory court approval to the merger would be received by February 22, paving the way for the merger.
The stock opened at Rs 145 and dipped to a low of Rs 141. However, it recovered 7% from there to a high of Rs 150.75. It is currently trading up 2.3% at Rs 149. Around 18,000 shares have changed hands at the counter on the BSE so far, as against a two week daily traded average of 43,000 shares.
