Neogen Chemicals shares gain 5% post Q4 earnings; check details

Shares of Neogen Chemicals rose over 5% in early deals on Thursday after the firm announced its Q4 earnings. The specialty chemicals maker reported a profit of Rs 17 crore in Q4, up 18% year-on-year.

Revenues fell 2% to Rs 200 crore in the March 2024 quarter. EBITDA climbed to Rs 36 crore, up 9.8% from March 2023 quarter. Profit before tax rose 8.5% to Rs 22 crore.

Neogen Chemicals stock rose 5.43% to Rs 1626 against the previous close of Rs 1542.20 on BSE. Market cap of the firm climbed ot Rs 4197.59 crore.

On an annual basis, revenue from operations rose 0.7% to Rs 691 crore in FY24. Net profit rose 28.7% to Rs 36 crore in the last fiscal.

The board of Neogen Chemicals recommended a final dividend of Rs 2 per equity share for FY24.

Haridas Kanani, Chairman & Managing Director, Neogen Chemicals said, “Financial Year 2024 marked a significant milestone for Neogen Chemicals as we embarked on an accelerated growth trajectory, establishing a robust foundation to fuel India’s growing EV ecosystem. Strategic initiatives undertaken during the year such as acquisition of BuLi Chem, licensing agreement with MUIS, equity raise through preferential route and land acquisition by Neogen Ionics, were all aligned to position us for the future and accelerate our growth agenda. I want to express my appreciation to the entire Neogen family for their commitment and dedicated efforts to our shared goal and being part of this dynamic journey."