Mangalore Chemicals & Fertilizers posts healthy Q2 no.s; stock rises 9%

The stock of Mangalore Chemicals & Fertilizers, an Adventz group company, gained over 9 per cent in the morning deals on Tuesday, October 31. The upswing came in the shares after the fertiliser company registered a profit in the July-September quarter (Q2FY24) against a loss a year ago. 

At around 10:33 a.m., Mangalore Chemicals & Fertilizers shares edged higher by 6.04 per cent or Rs 6.3 at Rs 110.6 apiece. The stock traded in the range of Rs 110.2 apiece to Rs 114 during the morning session on BSE. The market capitalsiation of the company at around the same time was Rs 1,313.15 crore.

Mangalore Chemicals & Fertilizers reported its Q2 numbers on Monday, post-market. The company registered a profit after tax (PAT) of Rs 68 crore as against a loss of Rs 32 crore a year ago. The revenue of the company rose five times to Rs 1,410 crore as compared to Rs 283 crore year-on-year (YoY).

The earnings before interest, tax and amortization (EBITDA) came at Rs 141 crore as against a loss of Rs 19 crore in the corresponding quarter of the previous year. The margin of the company stood at 10 per cent. 

Sequentially, the company logged a 37 per cent rise in PAT and a 47 per cent increase in revenue.

The company, through its regulatory filing, informed that it had shut down the Ammonia and Urea plants in the last week of September for planned maintenance, and the start-up is under progress. 

Mangalore Chemicals & Fertilizers share price history 

Shares of the fertiliser company in 2023 so far have gained over 26 per cent against the Nifty50's rise of over 4 per cent.

Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.