India Glycols posted stupendous rresults late this evening.
The sales went up from 301 cr to 352 cr but the Net Proft soared from 13.90 cr last qr to 65.77 cr this qr.Due to exceptional item of 26.46 cr the NP has come to 28.18 with TAX taking out 11 cr.
The cash profit was 88 cr before Int outgo which was again as high as 23 cr .
So for consecutive 2 qrs India Glycols has posted an eps of 10 which brings half year eps to 20.
If the exceptional item of minus 26 would not have been deducted then the eps would have been 20 for Sep qr 2011.
This I am seeing even after not a big jump in sales which is around 20% up.
If there is any discrepency in my reading India Glycols results please let me know.....
I don't think I need to write about India Glycols what readers needs to do.
I am expecting gapup opening tommorow for India Glycols and may remain for a while in 20% circuit.The reason is , market has not discounted the good results that was coming as it has not moved up like we saw in HBL Power but if India Glycols can repeat this performance in rest of the 6 months , I feel India Glycols will have no looking back from nowonwards.
Actually India Glycols went down today in expectation that results should be bad as it was not declared before the market get closed.
I read the interview somewhere on internet on I think ET by MD that the debt which is as high as 1400 cr they had already started trimming it down every qr and if I remember correctly some 55 cr was already taken off and he said that for coming many qr they will keep decreasing debt atleast 55 cr every qr.
Another stock from my old call, Petron Eng which I recomended around 170 and went on to touch 489 has come down now at 294 , has shown excellent results and I feel it is worth a look as well......