Neogen Chemicals logs 75% y-o-y growth in Revenue for Q1FY23; stock skids ~3%

8 Aug 2022 , 01:44 PM

Neogen Chemicals Limited announced its results for the quarter ended June 30, 2022, and posted a robust financial performance.

The company posted revenue of Rs147.90 crore in Q1FY23, up by 75% on a year-on-year basis.

The strong topline performance was driven by the incremental benefits of increased capacity.

Company’s Profit After Tax was reported at Rs11.10 crore in the quarter ended June 30, 2022, up by 51% yoy.

The company stated that it has been able to focus on high-value products with multi-stage processes by leveraging its expertise in process chemistry.

PAT increased by double digits, aided by strong operating performance. Furthermore, gains from various cost-cutting initiatives aided earnings growth during the current quarter. Higher depreciation corresponded to the addition of new capacity.

Company reported an EBITDA of Rs24.70 crore in Q1FY23, up by 58% yoy. Its PBT stood at Rs15.60 crore, clocking a growth of 53% yoy.

Company’s EPS during the quarter stood at Rs4.43 per share.

During the review period, the Company experienced significant increases in the prices of Lithium raw materials, which it was able to pass on to customers, thereby protecting the absolute EBITDA.

At around 1.49 PM, Neogen Chemicals was trading at Rs1,438.60 down by Rs37.25 or 2.52% from its previous closing of Rs1,475.85 on the BSE. The scrip touched intraday high and low of Rs1,495 and Rs1,438 respectively.