This chemical & fertiliser stock tanks 7% after disappointing Q3 performance

Shree Pushkar had rallied in the run-up to the quarterly results but gave up gains after net profit declined 58.6 percent.

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Shree Pushkar Chemicals and Fertilisers shares fell 7 percent on January 18 after reporting a disappointing performance in October-December 2022 quarter.

The stock had rallied for a couple of days before the third-quarter results but lost all those gains in a single session on Wednesday. It hit an intraday low of Rs 175.80 and closed 7 percent loss at Rs 177.90 on the NSE.

The chemicals and fertiliser manufacturer reported a 58.6 percent year-on-year (YoY) decline in consolidated profit at Rs 5.12 crore for the third quarter, largely hit by weak operating performance.

Consolidated revenue from operations for the quarter grew by 12 percent YoY to Rs 153.67 crore supported by the chemical business.

Total volumes for the quarter fell 11 percent YoY to 44,908MT with the fertiliser segment reporting a 13 percent YoY decline at 42,537 MT though chemical business volumes grew 30 percent to 2,371 MT.

Shree Pushkar is mainly engaged in the manufacturing of dyestuff, dye intermediaries, fertilisers, sulphuric acid, oleum, chloro sulphonic acid, and di-calcium phosphate, catering to textile, agriculture and cattle & poultry feed industries.

Operating performance

On the operating front, its EBITDA (earnings before interest, tax, depreciation and amortisation) fell 33.2 percent YoY to Rs 13.13 crore in the reporting while margins dropped significantly by nearly 6 percentage points to 8.54 percent from 14.3 percent a year ago. The gross margin was also down sharply to 37 percent for the December FY23 quarter as against 42 percent in the corresponding period last fiscal.

On technical charts

The stock has formed a long bearish candle on the daily charts with significantly higher volumes. It saw a breakout of upward sloping support trend line adjoining December 26, 2022, January 10, and January 13, 2023. Also, it broke the horizontal support trend line adjoining December 29, 2022, and January 16, 2023; all this indicated a negative mood among participants.

The stock has been trading well below all long-term averages – 50, 100 and 200 Double Exponential Moving Averages (DEMA) while it fell below 9 DEMA as well as 21 DEMA, giving negative signals for the stock.