Shares of Fine Organic Industries gave up all of its morning gains and ended 1.2 percent lower on Thursday despite reporting strong results for the March quarter.

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The company's net profit grew by 23 percent from last year to Rs 150 crore from Rs 122 crore. Operating profit or EBITDA also increased by 27 percent year-on-year to Rs 202 crore.

However, revenue declined by 3.3 percent from last year to Rs 597 crore from Rs 617 crore. For the full year, the company's net profit grew by 138 percent, while operating profit or EBITDA also more than doubled, growing by 128 percent. Topline for the full-year stood at Rs 3,023.07 crore, a growth of 61 percent year-on-year.

Fine Organics manufactures, processes, supplies, distributes, deals, imports, and exports a wide variety of oleochemical-based additives used in food, plastics, cosmetics, coatings, and other specialty applications.

Shares of Fine Organic ended 1.1 percent lower after gaining as much as 6.5 percent intraday. The stock ended at Rs 4,454.40.