Fineotex Chemical gains on bagging Rs 150-cr order

Fineotex Chemical rose 1.13% to Rs 341 after the company said it secured a Rs 150 crore specialty performance chemical order from a leading FMCG company.

This new specialty product provides Fineotex with significant opportunities to explore partnerships in the global FMCG market for the supply of other cleaning and hygiene products.

This long term order has an annual sales value of approximately Rs 150 crore and will be manufactured at our recently commissioned facility at Ambernath.

In addition to the new order, starting 14 November 2022, Fineotex has successfully expanded its capacity at Ambernath by an additional 21,000 tons. This takes the total capacity at Ambernath to 104,000 tons per year.

"This new development will enable Fineotex to target and focus on the FMCG industry and niche segments within it, to drive future growth opportunities," the company said.

Sanjay Tibrewala, executive director of Fineotex Chemical, said, "The Ambernath plant has allowed us to expand our manufacturing capabilities and meet the growing needs of the specialty chemical market. The facility is equipped with the latest new generation infrastructure with modern amenities which are essential to produce chemicals in a sustainable way with advanced automation, storing capacity and logistical handling.

This specialty product order is a demonstration of the Company's success in strengthening its international market presence and seizing opportunities in high growth segments."

The company's consolidated net profit surged 91.9% to Rs 20.57 crore on 71.1% jump in revenue from operations to Rs 134.31 crore in Q2 FY23 over Q2 FY22.

Fineotex Chemical is engaged in the business of manufacturing of Textile chemicals, auxiliaries and specialty chemicals.

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