Anupam Rasayan India added 2.57% to Rs 818.30 after the company announced the signing of a Letter of Intent (LoI) worth Rs 145 crore with existing long-term European multinational customer.
The European multinational firm is one of the top ten multinational company across the globe, the company said.
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The LoI is for supplying a new life science related active ingredient. The company will enter into a long-term contract for next three years to supply this life science related speciality chemical product.
Anand Desai, managing director of Anupam Rasayan, said, We are elated to sign this letter of intent for this new active ingredient as it re-instils our profound relationship with our long-standing customer. We highly appreciate the faith and confidence exhibited by this customer for selecting us as a partner to launch this new molecule.
It is a breakthrough and assurance of capability of proving in new lines of chemistry and making cost effective solution for our customers in life science segment. It affirms our dedication to the use of advanced technologies by our R&D and further strengthens our diversified product portfolio.
The speciality chemicals company has been manufacturing products for over 66 domestic and international customers, including 24 multinational companies. The company has a long history of high customer retention and have been manufacturing products for select customers for over a decade. The company caters to a diverse base of Indian and global customers.
Anupam Rasayan India is one of the leading companies engaged in the custom synthesis (CSM) and manufacturing of specialty chemicals in India.
The company's consolidated net profit surged to Rs 32.12 crore in Q1 FY22 from Rs 0.23 crore in Q1 FY21. Net sales rose 72.61% YoY to Rs 233.68 crore during the quarter.
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