Shares of Sudarshan Chemical Industries Ltd. surged over 12 percent in trade on Wednesday after the pigment-manufacturing company’s March quarter numbers showed strong growth compared to the previous quarter.

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The company's revenue increased by 31 percent compared to the December quarter to Rs 691 crore and 10.2 percent compared to the same period last year.

Revenue of the specialty revenue increased to Rs 412 crore from Rs 340 crore in the December quarter, while the non-specialty revenue increased to Rs 181 crore from Rs 143 crore sequentially.

Operating profit during the quarter doubled on a sequential basis but declined by 1.6 percent when compared to the year-ago period. While margin improved by 460 basis points to 12.3 percent. On a year-on-year basis, margin declined by 140 basis points.

Sudarshan Chemical said that strong demand revival was seen during the March quarter after it remained subdued during the first three quarters of financial year 2023.

The export business, in fact, achieved the milestone of crossing the annual revenue mark of Rs 1,000 crore this year. The company said that it was now commencing execution of cost-improvement and value-chain integration projects to drive efficiency. It added that the business mix change would continue and the company would focus on deeper penetration in select international geographies.

Shares of Sudarshan Chemical are trading 13 percent higher at Rs 444.10. This is the best single-day gain for the stock in over two years.