Rossari Biotech announces Q2 & H1 FY21 results

Rossari Biotech Limited (Rossari), a Speciality-Chemicals manufacturer providing intelligent and sustainable solutions for customers across industries, has announced its financial results for the quarter and half-year ended September 30, 2020.

Q2 FY21 performance overview compared with Q2 FY20

- Revenues from operations stood at Rs. 171.7 crore as against Rs. 150.3 crore
- EBITDA at Rs. 30.1 crore as against Rs. 28.3 crore
- PAT stood at Rs. 20.7* crore as against Rs. 17.7 crore
- EPS (Diluted) stood at Rs. 4.02 as against Rs. 3.66

H1 FY21 performance overview compared with H1 FY20

- Revenues from operations stood at Rs. 281.1 crore as against Rs. 278.1 crore
- EBITDA at Rs. 54.2 crore as against Rs. 50.6 crore
- PAT stood at Rs. 36.2* crore as against Rs. 31.9 crore
- EPS (Diluted) stood at Rs. 7.02 as against Rs. 6.59

Commenting on the performance for the quarter, in a joint statement, Mr. Edward Menezes, Promoter & Executive Chairman, and Mr. Sunil Chari, Promoter & Managing Director, said, "We are pleased to share that we have delivered a robust performance during the quarter driven by improved demand and traction across businesses. Our HPPC business continues to record healthy growth as we were one of the early movers to tap upon the growing national demand for hygiene products and anti-viral portfolio sales. Our fungible & agile manufacturing establishments enabled us to swiftly and efficiently address large volume requirements for these products, which in turn, recorded strong improvement in HPPC sales. In addition, as the country moved to the unlock-down phase, we were able to again even out capacities to cater to the encouraging pick-up in demand witnessed in the TSC and AHN businesses. Consequently, we reported a healthy overall Y-o-Y growth of 14.2% in revenues during the quarter.

Our focus towards seeding new business products with distinguished offerings and unique value remains solid. During the quarter, we have further broadened our product offerings within the high-growth categories of hygiene, laundry and fabric-care segments. On the operational front, our manufacturing facilities are also now operating at near-normal utilization levels. In addition, the ramp-up at our Greenfield Dahej plant is continuing at a healthy pace and we remain on track to fully operationalise the plant by March 2021.

On the whole, the Company has delivered a steady and encouraging performance during the first half of the fiscal. As we look ahead, the upcoming festive season and the stabilization in domestic markets should lead to better demand and enhanced consumer sentiments in the medium to longer term. On the whole, we are confident of the future growth potential and opportunities across the domestic market over the medium to longer term."

Shares of Rossari Biotech Ltd. was last trading in BSE at Rs. 806.25 as compared to the previous close of Rs. 801.40. The total number of shares traded during the day was 38653 and the deliverable quantity was 29757 shares.

The stock hit an intraday high of Rs. 824 and intraday low of Rs. 797.

Note: *Q2 FY21 PAT figure includes a gain of Rs. 2.3 crore on account of fair valuation of previously held equity interest in a joint venture in accordance with applicable accounting standards. Excluding this figure, the normalised PAT stood at Rs.18.4 crore and Rs. 33.9 crore in Q2 & H1 FY21 respectively

Source : Equity Bulls

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