Mangalam Organics, earlier known as Dujodwala Products, is engaged in manufacturing of camphor and various synthetic resins.

The company posted a very good set of numbers for Q1FY17. It turned around by keeping a tight leash on costs. Total income was down 11% (YoY) at Rs.46 crore but EBITDA came in at Rs.4 crore v/s loss of Rs.5 crore. What helped was the huge 71% drop in other expenses.

The company posted a net profit of Rs.90 lakh v/s loss of Rs.37 crore. The market is enthused because this turnaround is actually much better – it has provided for Rs.28 crore as exceptional loss and the company has said that this provisional loss will be reversed once insurance claim is settled.

The stock price was just 10 paise short of hitting its 52-week high of Rs.30.50 – intra day it rose today to Rs.30.40. Volumes have spiked up almost 14 times.