Shares of BCL Industries gained more than 2 per cent during Wednesday's trade after the company reported an increase in its third-quarter net profit. The stock quoted Rs 417 apiece on NSE, up around 2.25 per cent from the previous close of Rs 408.
The distilleries company on Tuesday released its October-December quarter earnings, posting a 4 per cent growth in its net profit at Rs 25.16 crore, the company said in a regulatory filing. The profit was driven mainly on account of higher income. The company's net profit in the corresponding quarter last fiscal stood at Rs 24.22 crore.
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Its total income stood at Rs 450.43 crore as against Rs 566.59 crore in the same period a year ago. Its total expenses declined more than 20 per cent to Rs 417.09 crore during the third quarter of FY23 as compared to Rs 534.88 crore a year ago. Its operational revenue of Rs 125.02 crore for the first 9 months of FY23.
BCL Industries' shares have yielded a negative return of 6 per cent in the last one year. The scrip has advanced nearly 15 per cent in the last 6 months. In the last two years, the counter has zoomed a whopping 250 per cent.
BCL Industries is the only company in India and the South Asian region to have a forward and backward integrated distillery ethanol plant. It is also engaged in the business of edible oils including refined oil.
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