 "Himadri Speciality Chemical Q1 net profit more than doubles to Rs 86 cr")
Himadri Speciality Chemical Limited's profit after tax during the June 2023-24 quarter has more than doubled to Rs 86 crore, on account of reduced expenses.
It had posted Rs 38 crore profit after tax (PAT) in the corresponding period in 2022-23, Himadri Speciality Chemical Limited (HSCL) said in a regulatory filing on Tuesday.
However, the company's total income fell to Rs 961 crore from Rs 1,048 crore in the year-ago quarter, it said.
The expenses also reduced to Rs 842 crore from Rs 1,000 crore earlier.
"Our performance during this period is attributable to the consistent move towards value-added products. Our business priorities are aligned with global sustainability goals," Anurag Choudhary, CMD & CEO of Himadri Speciality Chemical Ltd said.
He further said that the role of lithium-ion batteries (LiB) technology has evolved and stabilized over the last few decades to become commercially feasible across all segments viz. electric vehicles, energy storage and consumer electronics.
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The company will continue investment in research and development to enhance LiB performance, safety, and recyclability, ensuring they play a critical role in shaping a greener and more sustainable world.
Kolkata-based Himadri Speciality Chemical Limited is into manufacturing and supply of green energy, anode material for Li-ion batteries, carbon black, special types of oils and various other materials for industrial usage.