Meghmani Finechem Limited (MFL), a leading integrated chemical manufacturer in India, will be making a debut in the MSCI India Domestic Small Cap Index.
This addition was done as a part of MSCI’s semi-annual quarterly index review for the Asia-Pacific region. The new additions to the indices will be effective from November 30, 2022.
Recently, Meghmani Finechem Limited delivered a strong operating and financial performance in line with its commitment to growth. The revenue rose 64% to Rs 5.56 billion on account of high realizations from the majority of its products. EBITDA increased by 79% to Rs 1.80 billion while maintaining an EBIDTA margin of 32% vs 30% in Q2FY22. In addition, PAT increased by 95% to Rs 920 million, and PAT margin improved by 267 bps for Q2FY23.
In H1FY23, MFL commissioned India’s 1st Epichlorohydrin plant, India’s largest CPVC resin plant, and an additional capacity of Caustic Soda. All three projects were completed within committed timelines and within the CAPEX limit.
Going forward, the company aims to enter into downstream import substitute chemistries where Chlorine, Hydrogen, and other chemicals will be used as raw materials to further strengthen the integrated complex.