Pidilite Industries has soared almost 8% to Rs 232 on back of heavy volumes after reporting 51% year-on-year (yoy) jump in its consolidated net profit at Rs 119 crore in December 2012 quarter (Q3), due to higher other income and lower interest cost.
The maker of the popular Fevicol brand of adhesives had registered a profit of Rs 79 crore in a year ago quarter.
“Consolidated net sales of the company grew 21% yoy to Rs 927 crore, while its income from other sources jumped 84% to Rs 28 crore, mainly on account of Rs 8.83 crore gains on forex transaction, over the previous year,” Pidilite Industries said in a statement.
Interest burden has reduced substantially to Rs 0.11 crore from Rs 10.82 crore during the recently concluded quarter.
The stock opened at Rs 218 and hit a record high of Rs 235 on NSE. As many as a combined 1.5 million shares have already changed hands on the counter so far against an average sub 0.15 million shares that were traded daily in past two weeks on both the exchanges.
