Emami shares jumped on Monday to clock their strongest close in more than two weeks after the homegrown FMCG major reported strong earnings for the quarter ended June 30. The company said its net profit in the April-June period increased 96 percent, making it one of its best quarters.
On BSE, shares in Emami surged as much as 3.45 percent to a 52-week high of Rs 579 apiece after the earnings announcement, before settling with a gain of 1.81 percent for the day -- their highest close since July 14.
The stock outperformed the benchmark Sensex index, which ended 0.69 percent higher at 52,950.63 amid broad-based buying. The Nifty FMCG index -- which tracks 15 companies operating in the sector including Emami, HUL, and ITC -- rose 0.41 percent at the close.
During market hours, Emami posted a 96.44 percent year-on-year rise in net profit to Rs 77.79 crore for the quarter ended June 30. Revenue from operations increased 37.31 percent to Rs 660.95 crore for the first quarter of the current financial year.
The company said it was one of its most profitable quarters, and strong profit helped it mitigate the impact of the challenges due to the second wave of the pandemic.
Total expenses increased 37.08 percent on year to Rs 49.12 crore in the June quarter.