By Malvika Gurung
Investing.com -- Shares of the agrochemicals company Gujarat State Fertilizers and Chemicals (NS:GSFC) zoomed 14.43% to Rs 163.35 apiece at the time of writing, after soaring past 15% earlier on Friday.
The stock rally was a result of the fertilizer company’s stellar June quarterly earnings performance, as its consolidated net profit skyrocketed 154% YoY to Rs 345.8 crore, thanks to a healthy operational income. On a sequential basis, the figure rose by 21%.
The mid-cap company’s net sales surged 63% YoY to Rs 3,018.15 crore in Q1 FY23 and profit before tax jumped a whopping 188.4% YoY to Rs 508.8 crore in the period.
GSFC’s total expenses in the quarter advanced 50% YoY to Rs 2,541.01 crore as raw material costs also surged 45.8% YoY to Rs 1,559.46 crore.
The chemicals scrip tanked almost 35% in June 2022, while recovering 39% from its recent low of Rs 117.75 recorded on June 20, 2022.