REI Agro spikes 7% on good quarterly earnings

REI Agro jumped as much as 7 percent on Thursday after the profit after tax increased 79 percent year-on-year to Rs 137 crore in the July-September quarter of current financial year on account of foreign exchange gain of Rs 22.2 crore. It had posted a loss of Rs 2.4 crore in same quarter of last year.

Income from operations went up 68 percent to Rs 1,772 crore from Rs 1,056 crore during the same period. But operating profit margin declined drastically to 14.2 percent versus 21.9 percent due to higher raw material cost.

At 12:17 hours IST, the stock gained 2.11 percent at Rs 11.59 amid high volumes. Market capitalisation of the company currently stands at Rs 1,110.30 crore.

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