Meghmani Organics Ltd., a specialty 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 90.3% to Rs 68.56 crores ($9.2 million) for the period ended June 30, 2021 as against net profit of Rs 36.02 crores ($4.8 million) for the previous quarter.
Net sales increased 9.4% to Rs 526.46 crores ($70.8 million) during the period ended June 30, 2021 as compared to Rs 481.29 crores ($64.7 million) during the previous quarter.
Q1 Results- YoY
The company’s net profit grew 136.5% to Rs 68.56 crores ($9.2 million)) for the period ended June 30, 2021 as against net profit of Rs 28.99 crores ($3.9 million) for the prior-year quarter.
Net sales increased 75% to Rs 526.46 crores ($70.8 million) during the period ended June 30, 2021 as compared to Rs 300.87 crores ($40.5 million) during the prior-year quarter.
“Meghmani Organics continued to deliver modest results in FY21 despite lockdowns and curfew scenarios during the COVID-19 pandemic. The Company’s capacity utilization during the challenging times o FY21 stood at ~77% for the Pigment division and ~76% for the Agrochemical division,” said Meghmani Organics CEO, Ankit Patel.
“I am delighted to share that we have successfully commissioned 2,4 D plant at GIDC Dahej doubling the capacity to 21,600 MTPA. The plant has been stabilized and currently, operating at 70% capacity. Additionally, our formulation plant at GIDC, Panoli has commenced its commercial production in FY21. The revenues from these plants will add meaningful contribution in FY22. Our new multipurpose plant (MPP) at Dahej is progressing as per schedule and is expected to be completed by Q1FY23,” he added.
“We are exploring opportunities for forey into new pigments. Any further developments towards the same would be shared at the appropriate time,” he said.
Meghmani Organics Ltd is engaged in the business of manufacture and selling of agrochemicals and pigments.