Fineotex Chemical reported 91.9% jump in consolidated net profit to Rs 20.57 crore on a 71.1% rise in net sales to Rs 134.31 crore in Q2 FY23 over Q2 FY22.
Profit before tax (PBT) surged 71.2% to Rs 26.32 crore in Q2 FY23 as against Rs 15.37 crore in Q2 FY22.Total expenses spiked by 71.5% year on year to Rs 110.46 crore in the quarter ended 30 September 2022. Cost of materials consumed stood at Rs 91.58 crore (up 89.42% YoY) and employee benefits expense was at Rs 446.05 (up 43.84% YoY) in Q2 FY23.
Operational EBIDTA stood at Rs 25.09 crore for the quarter ended 30 September 2022 as against Rs 14.79 crore during the same period in the previous year, registering a growth of 70%. EBITDA margin slipped to 18.7% in Q2 FY23 as against 18.8% posted in Q2 FY22.
Sanjay Tibrewala, executive director and CFO of Fineotex Chemical, said, Our strategic vision of expansion and product diversification during the lean periods of the pandemic has been successful. Despite the global economic downturn, our performance for the quarter has been significantly better. We are also pleased to announce that the notable credit rating agency, ICRA rated our long-term debt as ICRA A and for short-term debt as ICRA A1.
Arindam Choudhuri, CEO said, " While focusing on environment protection, we already have all the best practices in place and thus ensure to keep the waste emission to a minimum and efficiently manage the release of dangerous chemicals.
Fineotex Chemical is a specialty chemicals manufacturer that caters to multiple sectors such as textile, home care, hygiene, mining, garment, water treatment, leather, construction, paint, agrochemicals and adhesives.
Shares of Fineotex Chemical declined 2.42% to currently trade at Rs 331.15 on BSE.
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