Anupam Rasayan India Ltd, a chemicals maker, has reported a modest increase of 1.84% in consolidated net profit at Rs 48.69 crore in the second quarter of the current fiscal year. This represents a slight uptick from the Rs 47.81 crore net profit in the same quarter of the previous year. The company disclosed these figures in a regulatory filing.
Total income for the July-September quarter of the 2023-24 fiscal also experienced an increase, reaching Rs 395.61 crore compared to Rs 383.14 crore in the year-ago period. However, expenses rose slightly to Rs 324.94 crore in the same period, up from Rs 315.72 crore.
Anand Desai, Managing Director of Anupam Rasayan, expressed satisfaction with the company’s performance in the face of challenging external conditions, noting, “Amidst the challenging external environment, I am happy that we have been able to hold our ground and deliver some growth.”
During the first half of the current fiscal, total revenue surged to Rs 794.4 crore, reflecting an impressive 11% year-over-year growth. Desai highlighted the company’s strong margins of 28% for the first half of the year, attributing this to the company’s unique business model.
Additionally, Anupam Rasayan has launched three new molecules during this quarter, bringing the total to five the end of the first half of the 2023-24 fiscal year. The company plans to launch an additional five molecules the close of FY24.
Desai also expressed optimism about the future, stating, “we are seeing a resurgence in demand, which instills confidence of delivering growth in coming quarters. This bolsters our confidence in achieving consistent growth and maintaining our margin profile.”
In a bid to balance carbon emissions and achieve energy neutrality 2027, the company has signed three memorandum of understanding (MoUs) with the Gujarat government for afforestation. Anupam Rasayan also revealed that its board has approved the issuance of 19.04 lakh equity shares on a preferential basis to promoters and 39.14 lakh convertible warrants on a preferential basis to non-promoters.
The Gujarat-based company operates six facilities with a total manufacturing capacity of 27,200 tonnes.