Himadri Speciality Chemical reports 5.1% revenue decline in Q2FY24

Speciality chemical company Himadri Speciality Chemical reported a 5.1 per cent year-on-year decrease in its consolidated net revenue from operations for the quarter ending September 30, 2023, amounting to Rs 1,004.52 crore. In contrast, the profit after tax (PAT) nearly tripled to Rs 100.84 crore, compared with Rs 29 crore in the second quarter of FY23. The surge in PAT is largely due to losses that impacted the profit in the base quarter, while the dip in revenue was ascribed to macroeconomic factors.

On a sequential basis, the company saw a 5.68 per cent rise in revenue and a 14.77 per cent increase in PAT. Sales volume also grew by 9.09 per cent.

Anurag Choudhary, chief managing director and chief executive officer of Himadri Speciality Chemical, said, "Himadri in Q2FY24 has achieved a milestone by crossing Rs 100 crore in PAT. The significant improvement in profitability is primarily due to our strategic shift towards value-added products. While our core business continues to post robust numbers, the demand for our products also remains strong for the foreseeable future."

Operating in both domestic and international markets, Himadri Speciality Chemical exports to 49 countries worldwide. The company has eight zero-liquid discharge manufacturing facilities and relies on in-house green power for more than 90 per cent of its energy requirements.