India's 20 Microns gains on earnings boost, positive outlook

20 Microns

26/10/2023 08:04

** Shares of 20 Microns  MICR.NS  rise 2% to 134.60 rupees
apiece
    ** Rise after the industrial minerals and specialty
chemicals' producer posts 35% year-on-year rise in consolidated
net profit in September quarter
    ** Revenue from operations up 6.4% to 2 bln rupees
    ** Surge in demand for company's products in paints, rubber,
plastics industries aided earnings, says MICR
    ** Adds reduction in power and fuel expenses and moderation
in freight charges also led to profit growth
    ** MICR expects a Y/Y revenue growth of 15%-18%  for fiscal
2024
    ** Including today's gains, MICR up ~45% in 2023 so far -
LSEG data

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))