Anupam Rasayan India Limited reports Q3 & 9M FY24 Results

Anupam Rasayan India Ltd. (BSE- 543275, NSE- ANURAS, ISIN: INE930P01018), one of India's leading custom synthesis and specialty chemical player, has announced its financial results for the quarter and nine months ended December 31, 2023.

Consolidated Financial Highlights for nine months ended December 31, 2023:

- Total revenue for 9MFY24 was at ₹10,923 million as compared to ₹11,062 million in 9MFY23; down 1.26% YoY.

- EBITDA (incl. other income) was at ₹3,062 million in 9MFY24 as compared to ₹2,984 million in 9MFY23 - growth of 2.62% YoY, this would translate into 28.03% EBITDA margin.

- Profit After Tax was at ₹1,270 million in 9MFY24 as compared to ₹1,442 million in 9MFY23

Speaking on the performance, Mr Anand Desai, Managing Director, Anupam Rasayan commented, "The chemical industry continues to face headwinds impacting our performance for the quarter. This, coupled with client off-taking minimum required quantities to manage their year-end working capital has led to degrowth in our revenues for the quarter. Even during such difficult times, we have been able to maintain our margins steady at 28% for the 9MFY24 on consolidated basis.

I am happy to inform you that, during the quarter, we signed a Letter of Intent worth $61 Mn i.e. INR 507 crores for next 9 years with one of the leading Japanese Chemical companies to supply new age polymer intermediate. I firmly believe that our Japan business will see strong growth in the coming years and will likely to become a major business centre for Anupam.

A next step forward in our sustainability journey, the company has decided to invest INR 59 crores towards setting up of 9.6 MW hybrid (Wind plus Solar) power plant. Post completion of this capex, 65% of the company's electricity consumption will be from green energy.

Overall, I believe FY24 will be a challenging year for the industry but with a resilient and a robust business model like ours, I am confident that FY25 will be a year of demand resurgence and strong growth."

Shares of Anupam Rasayan India Limited was last trading in BSE at Rs. 832.75 as compared to the previous close of Rs. 923.35. The total number of shares traded during the day was 45397 in over 4075 trades.

The stock hit an intraday high of Rs. 926.00 and intraday low of 812.00. The net turnover during the day was Rs. 38954952.00.

Source : Equity Bulls

Keywords

AnupamRasayanIndia INE930P01018 Q3FY24 9MFY24 ResultUpdate