Tanfac Industries zoomed 10.30% to Rs 2340 after the company announced the signing of a framework agreement worth revenue of $81 million (Rs 675 crore) over next 5 years with one of the leading Japanese Specialty Chemical company.
The agreement is for supplying a refrigerant gas and the deliveries of the same will start from H2 FY2025-26.
K. Sendhil Naathan, managing director of Tanfac Industries, said: We are pleased to announce the signing of Framework agreement with one of the prominent Japanese players in Speciality chemicals.
With this agreement, TANFAC strategically enters into the refrigerant gas segment. We continue to capture the growth and value in fluorination chemistry and enhance our product offerings.
We will undergo a plant expansion at our Cuddalore facility to manufacture this product. This expansion, coupled with the signing of the agreement, we continue to get visibility over the significant growth in coming years."
Tanfac Industries (TIL) is a joint venture (JV) between Tamil Nadu Industrial Development Corporation (TIDCO) and Anupam Rasayan India (ARIL); the management control vests with ARIL. The company mainly produces hydrofluoric acid (HF) and aluminium fluoride (ALF). TIL also produces sulphuric acid. In addition, it manufactures specialty fluorides that are sold to diverse customers.
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The company's net profit declined 43.39% to Rs 12.67 crore on a 11.01% fall in sales to Rs 102.81 crore in Q4 FY24 over Q4 FY23.
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