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Agrochemicals company Anupam Rasayan announced consolidated 9MFY24 results:
- Total revenue for 9MFY24 was at Rs 10,923 million compared to Rs 11,062 million in 9MFY23, representing a decrease of 1.26% YoY.
- EBITDA (including other income) was at Rs 3,062 million in 9MFY24 compared to Rs 2,984 million in 9MFY23, reflecting a growth of 2.62% YoY. This translates into a 28.03% EBITDA margin.
- Profit After Tax was at Rs 1,270 million in 9MFY24 compared to Rs 1,442 million in 9MFY23.
Commenting on the performance, Anand Desai, Managing Director of Anupam Rasayan, remarked, “The chemical industry continues to face headwinds impacting our performance for the quarter. This, coupled with clients off-taking minimum required quantities to manage their year-end working capital, has led to a 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 a consolidated basis.
I am happy to inform you that, during the quarter, we signed a Letter of Intent worth $61 million i.e., Rs 507 crore for the 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 become a major business centre for Anupam.
As a next step forward in our sustainability journey, the company has decided to invest Rs 59 crore towards setting up a 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 robust business model like ours, I am confident that FY25 will be a year of demand resurgence and strong growth.”
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