India Glycols Ltd., a chemicals manufacturer based in India announced its results for the first quarter ended June 30, 2021.
Q1 Results- QoQ
The company’s net profit grew 198% to Rs 211.48 crores ($28.4 million) for the period ended June 30, 2021 as against net profit of Rs 70.99 crores ($9.5 million) for the previous quarter.
Net sales increased 2.4% to Rs 1653.15 crores ($222.3 million) during the period ended June 30, 2021 as compared to Rs 1614.27 crores ($217 million) during the previous quarter.
Q1 Results- YoY
The company’s net profit grew 4864.3% to Rs 211.48 crores ($28.4 million) for the period ended June 30, 2021 as against net profit of Rs 4.26 crores ($0.57 million) for the prior-year quarter.
Net sales increased 102.3% to Rs 1653.15 crores ($222.3 million) during the period ended June 30, 2021 as compared to Rs 817.3 crores ($109.9 million) during the prior-year quarter.
New Grain-based Distillery Units
India Glycols Ltd has informed that the Board of directors has approved to set up, install and commission grain-based distillery units with a capacity of 180 KLPD and 110 KLPD at its Kashipur and Gorakhpur Sites.
An estimated total capital expenditure of approximately Rs304 cr would be incurred on the project.
The grain distillation capacities at Gorakhpur and Kashipur are expected to be commissioned by 31 st March, 2022.
According to the regulatory filing, the above decision has been taken considering, inter-alia, the Government of India ‘s program to increase ethanol blending fuel in order to save valuable foreign exchange, benefit the farm sector and also to go towards less polluting fuels.
The industry is also encouraged to produce ethanol from damaged grains in addition to molasses which is a by-product of the sugar Industry. “Manufacture of good quality ethanol and its value-added derivatives has been a strength of India Glycols. The Company is now planning to step up the production capacity of ethanol considering the expected increase in demand of ethanol on account of policies of Central Government for achieving higher ethanol blending of 203 and also to cater to the growing demand for potable spirits”, the company said.
India Glycols Ltd is engaged in the business of manufacture and selling of glycols, ethoxylates and PEGs, performance chemicals, glycol ethers and acetates, natural gums and potable alcohol.