Kesar Enterprises is locked in upper circuit for the fourth straight trading day, up 10% at Rs 112, also its fresh 52-week high on BSE, after the company reported a strong set of numbers in March quarter .
In past four trading days, the stock zoomed 90% from Rs 59.05 on Friday, May 19, 2017, as compared to 0.56% decline in the S&P BSE Sensex.
Kesar Enterprises had reported a net profit of Rs 40.89 crore in Q4FY17, on the back of healthy growth in operation income. The sugar company recorded a net loss of Rs 1.43 crore in the corresponding quarter of previous fiscal.
Income from operations during the quarter under review more than doubled to Rs 219 crore from Rs 85 crore in a year ago quarter.
For the entire financial year 2016-17 , the company reported net profit of Rs 8.21 crore against loss of Rs 53 crore in previous financial year.
During the FY17, the company had made profit and there is positive cash flow due to firming up sugar prices. The company expects the same trend to witness in forthcoming years and hence these financial statements have been prepared on a going concern basis, despite accumulated losses resulting in erosion of its net worth, Kesar Enterprises said in a statement.
The trading volumes on the counter more than doubled with a combined 681,128 shares changed hands on BSE and NSE. There were pending buy orders for 68,012 shares on both the exchanges at 11:41 am.