Meghmani Organics spikes up 13 per cent on good Q3

The stock of Meghmani Organics was buzzing on the bourses on Monday after the company reported its Q3FY19 results for the quarter ended December 2018, during market hours.

The company's revenue for the quarter Q3FY19 came in at Rs. 552.3 crore as against Rs. 450.4 crore in the corresponding quarter last year, registering an increase of 22.6 per cent YoY. The EBITDA for the quarter rose by 23.7 per cent YoY to Rs. 145 crore as against Rs. 117.2 crore in the corresponding quarter last year, with corresponding margin expansion of 2 bps. The EBITDA margin for the quarter stood at 26.2 per cent. The PAT for the quarter came in at Rs. 79.4 crore as against Rs. 62.6 crore in the corresponding quarter last year, an increase of 26.8 per cent YoY.

Meghmani Organics is an India-based manufacturer of pigment and pesticide products. The company's segments include pigments, agrochemicals, basic chemicals and others.

During the last quarter, the stock was in news for governance issues. The company's board approved a deal to buy 57 per cent stake in its subisidiary, Meghmani Fines. Due to this decision, the stock had experience selling pressure and fell from a stock price of Rs. 107.85 per share on February 12, 2018 to the last week's close of Rs. 48.45 per share on February 8, 2019. 

The stock of Meghmani Organics was trading upbeat in the last session of trade on Monday after hitting an intraday high of Rs. 56.90 per share. The stock was quoting Rs. 55.10 per share, up by Rs. 6.65 or 13.73 per cent at 15:03 hours on BSE.