Sumitomo Chemical’s third quarter profit increased 44.1% year on year to Rs. 78.1 crore, according to ICICI Direct

Sumitomo Chemical's third quarter profit increased 44.1% year on year to Rs.  78.1 crore, according to ICICI Direct

Net Sales are expected to increase by 14.8 percent Y-o-Y (down 29.3 percent Q-o-Q) to Rs. 644.1 crore, according to ICICI Direct. Earnings before interest, tax, depreciation and amortisation (EBITDA) are likely to rise by 39.2 percent Y-o-Y (down 49.4 percent Q-o-Q) to Rs. 108.6 crore. The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

According to ICICI Direct, net sales are likely to rise 14.8 percent year on year (down 29.3 percent quarter on quarter) to Rs. 644.1 crore. The Chemicals sector’s third quarter earnings estimates (October to December 21) have been released by ICICI Direct. Sumitomo Chemical is expected to generate a net profit of Rs. 78.1 crore, up 44.1 percent year on year, according to the brokerage company (down 49.4 percent quarter-on-quarter).

ICICI Direct has buy call on Sumitomo Chemical India with a target price of Rs 445. The current market price of Sumitomo Chemical India is Rs 429.1. Time period given by analyst is two weeks when Sumitomo Chemical India Ltd. price can reach defined target. Sumitomo Chemical India Ltd., incorporated in the year 2000, is a Small Cap company (having a market cap of Rs 21495.71 Crore) operating in Pesticides/Agro Chemicals sector.

For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 787.42 Crore, up 46.10 % from last quarter Total Income of Rs 538.95 Crore and up 21.14 % from last year same quarter Total Income of Rs 650.02 Crore. Company has reported net profit after tax of Rs 105.75 Crore in latest quarter. The stock after the last one months corrective decline is seen rebounding taking support at the 61.8% retracement of June –August up move and 50 day EMA thus offers fresh entry opportunity. The brokerage expects stock to resolve higher and head towards Rs 445 levels as it is the 80% retracement of its recent decline (Rs 460—386). Promoters held 80.30 per cent stake in the company as of March 31, 2020, DIIs 4.53 and public and others 15.05 per cent.

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