Meghmani Organics rises on bagging supply contract worth $100 million

Meghmani Organics advanced 2.99% to Rs 118.90 after the company announced the signing of a supply agreement for 5 years with one of the leading Global Agrochemical Company.

In an exchange filing made during market hours today, the company said that it has signed a supply agreement with one of the leading Global Agrochemical Company for supply of specific agrochemical products for a period of 5 years.

The total agreement value is approximately $100 million.

The Meghmani Group manufactures green and blue pigment products, which are used to manufacture printing ink, plastic, paints, textiles, leather, and rubber. It also manufactures a wide variety of commonly used pesticides for crop and non-crop applications. The latter includes insect control in wood preservation and food grain storage.

The company reported 13.1% rise in net profit to Rs 73.4 crore on a 20.1% jump in revenue from operations to Rs 655.2 crore in Q2 FY23 over Q2 FY22.

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