Sumitomo Chemical Q1FY25 profit more than doubles; shares hit 52-week high
Sumitomo Chemical is buzzing in trade: Shares of chemical company Sumitomo Chemical rose as much as 7.15 percent to hit an intraday high of Rs 540.80 per share on Monday, July 29, 2024.
The stock price shot up after the company reported strong numbers in the second quarter of fiscal 2025 (Q1FY25).
Sumitomo Chemical’s consolidated profit rose 105.5 per cent year-on-year to Rs 126.6 crore in the June quarter of financial year 2025 (Q1FY25), compared with Rs 61.6 crore in the June quarter of financial year 2024 (Q1FY24).
Operating revenue increased by percent year-on-year to Rs 838.8 crore in the June quarter of FY2025, compared to Rs 724.2 crore in the June quarter of FY2024.
In the first quarter of fiscal 2025, Sumitomo Chemical’s expenses increased 5.4 percent year-on-year to Rs 693.8 crore, compared to Rs 658.4 crore in the same quarter last year (first quarter of fiscal 2024).
At the operating level, earnings before interest, taxes, depreciation and amortisation (EBITDA), also known as operating profit, rose 99.6 per cent year-on-year to Rs 160.9 crore in Q1FY25, from Rs 80.6 crore in the year-ago quarter.
As a result, the EBITDA margin, also known as the operating profit margin, increased by 810 basis points (bps) to 19.2 percent in the second quarter of the current fiscal year (Q1FY25), from 11.1 percent in the second quarter of the previous fiscal year (Q1FY24).
SCIL was established on February 15, 2000 and was converted from a private limited company to a public limited company on November 24, 2018. As a subsidiary of Sumitomo Chemical Company Limited Japan (SCCL), SCIL specializes in the production of household insecticides, agricultural pesticides, public health insecticides and animal nutrition products.
The market capitalization of the company is Rs 26,482.18 crore, according to Bombay Stock Exchange (BSE). The stock’s 52-week low is Rs 336.40 apiece.
At 2:17 PM, shares of Sumitomo Chemical were trading 5.13 percent higher at Rs 530.60 per share. In comparison, BSE Sensex was trading 0.08 percent lower at 81,263.66 levels.
First print: Jul 29, 2024 | 2:23 PM IST