GSFC opened over 9% higher today at Rs.156, going on to hit an intraday high at Rs.168, rising 17.5%. Its 52-week high stands at Rs.198.70.
The stock price soared after the company’s net profit for Q1FY23 rose over 1.54% or more than 2.5 times to Rs.346. This was on the back of a very good 63% growth in topline at Rs.3018 crore.
Sequentially, net profit rise is at 21% and topline of 48%.
Four days ago, the company said that it had to shut down its urea-II plant in Gujarat on account of a leakage problem. Considering the shut down and start-up sequence, a total of 13 days of production loss of around 10,400 tonnes of neem urea is envisaged. The plant was working at 105% capacity. Its Urea-I plant will continue to produce 320 tonnes per day during this period.