Seshasayee Paper & Boards reported an over four-fold rise in net profit at Rs 30.70 crore for the quarter ended September 30, 2016 (Q2FY17), due to lower raw material and finance cost. The company had reported a profit of Rs 7.19 crore in the same quarter last fiscal.
Net sales of the company increased 15.8% to Rs 278 crore in Q2FY17 as compared to Rs 240 crore in Q2FY16. The raw material cost fell by 5.4% to Rs 141 crore from Rs 149 crore in the corresponding quarter of the previous financial year. Finance cost decreased by 41% to Rs 4.95 crore from Rs 8.33 crore.
Seshasayee Paper share price has moved higher to its new lifetime high of Rs 822.30, up 17% on NSE in early morning trade.
Seshasayee Paper posted the net profit of Rs 54.82 crore in the first half (April-September) of the current financial year 2016-17 (FY17), exceeding the entire previous financial year (FY16) net profit of Rs 35.58 crore. It posted the profit of Rs 12.58 crore in first half of FY16.
Thus far in FY17, Seshasayee Paper zoomed 259% from Rs 234 on March 31, 2016, as compared to 8.6% rise in the S&P BSE Sensex. At 11:29 AM, Seshasayee Paper share price was trading at Rs. 791.10, up by 13% as compared to the 1% rise in the Benchmark Index Nifty. So far one lakh eighty-seven thousand shares have changed hands over the NSE trading counter. The stock opened at Rs. 821 today, much above its previous close price of Rs. 697.95. The stock went as low as Rs. 766 intraday. The shares of face value Rs. 10 have the upper price band of Rs. 837.50 and the lower price band of Rs. 558.40. For the levels of support and resistance of Seshasayee Paper, visit Seshasayee Paper share price forecast page of Dynamic Levels website.
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