Navin Flourine arm OKs capex plan of Rs 450 cr

Navin Fluorine International announced that its wholly owned subsidiary, Navin Fluorine Advanced Sciences, board approved a capital expenditure of Rs 450 crore for setting up a new 40,000 tonnes per annum hydrofluoric acid capacity at Dahej.

The objective for setting up manufacturing plant was to cater to the growing demand for fluorochemicals in pharmaceutical, agro-chemical and emerging renewable sectors.

Currently, the company has Anhydrous Hydrofluoric (AHF) manufacturing plant with a capacity of approximately 20,000 tonnes per annum at Surat.

The new capacity is expected to come on stream in 2 years. The project will entail an investment of Rs 450 crore.

Navin Fluorine International is one of the manufacturers of speciality fluorochemicals. The company's consolidated net profit surged 54.9% to Rs 106.56 crore in Q3 FY23 as against Rs 68.79 crore posted in Q3 FY22. Revenue from operations jumped 48.7% year on year to Rs 563.58 crore in the quarter ended 31 December 2022.

The scrip was down 0.89% to Rs 4,164.10 on the BSE.

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