India's Meghmani Finechem falls as core profit margin contracts in Q3

Epigral

19/01/2023 09:29

** Shares of Meghmani Finechem Ltd  MEGM.NS  fall as much as
4.5% to 1142.65 rupees, their lowest since April 25, 2022
    ** The slide comes despite the essential chemicals
manufacturer reporting a 10.7% rise in net profit to 772 mln
rupees ($9.49 mln), aided by volume growth and higher
realizations from majority products
    ** Rev from ops for Dec quarter stood at 5.38 bln rupees, up
27.5%    
    ** Co says margin continues to be strong at 31%  
    ** Co logged a core profit margin of 33.41% y/y
    ** Also declared interim dividend of 2.5 rupees per share
    ** About 56,400 shares change hands vs 30-day avg of 38,512
shares
    ** Stock up ~65% last year
     ($1 = 81.3650 Indian rupees)
 (Reporting by Priya Sagar in Bengaluru)
 ((Priya.Sagar@thomsonreuters.com;))