Excel Crop Care jumped 9.89% to Rs 624.95 at 11:31 IST on BSE after net profit surged 338.27% to Rs 10.65 crore on 18.90% increase in net sales to Rs 210.90 crore in Q4 March 2014 over Q4 March 2013.
The result was announced after market hours on Wednesday, 28 May 2014.
Meanwhile, the BSE Sensex was down 147.12 points, or 0.60%, to 24,408.97.
On BSE, so far 24,000 shares were traded in the counter, compared with an average volume of 11,561 shares in the past one quarter.
The stock hit a high of Rs 640 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 584.70 so far during the day. The stock hit a 52-week low of Rs 165.50 on 14 June 2013.
The stock had underperformed the market over the past one month till 28 May 2014, rising 0.38% compared with 8.50% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 5.77% as against Sensex's 16.27% rise.
The small-cap company has an equity capital of Rs 5.50 crore. Face value per share is Rs 5.
Excel Crop Care net profit surged 213.96% to Rs 67.25 crore on 25.56% increase in net sales to Rs 937.16 crore in the year ended March 2014 over the year ended March 2013.
On a consolidated basis, net profit surged 210.39% to Rs 66.05 crore on 25.67% increase in net sales to Rs 955.66 crore in the year ended March 2014 over the year ended March 2013.
Production/domestic sale of Endosulfan continues to remain suspended pursuant to the ad-interim Order dated 13 May 2011 of the Supreme Court. The petition seeking ban on Endosulfan is pending before the Supreme Court for hearing and final disposal, the company said.
In the preceding financial years the company had made provision aggregating to Rs 16.30 crore in respect of Endosulfan related inventories. Out of this, provision of Rs 9.39 crore has been written back during the current financial year as the same is no longer required. The balance provision of Rs 6.90 crore is being carried forward for the remaining inventory and estimated material disposal expenses. In the opinion of the board, the provision is sufficient and reasonable, Excel Crop Care said.
By its Order dated 23 April 2012, the Competition Commission of India (Commission) imposed a penalty of Rs 63.90 crore on the company on the ground that it had violated the provisions of Section 3 of the Competition Act, 2002. On the company's appeal, the Competition Appellate Tribunal (Tribunal) reduced the amount of the penalty to Rs 2.91 crore. The Company and the Commission have filed appeals before the Supreme Court against the Tribunal's Order. As a matter of prudence the company has made a provision for Rs 2.91 crore during the current financial year, the company said.
Excel Crop Care manufactures agrochemicals, which includes insecticides, weedicides and fungicides.
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