Rossari Biotech Announces Strong Q3 FY24 Financial Results
Rossari Biotech Ltd, a leading specialty-chemicals manufacturer, has revealed robust financial performance for the quarter ended December 31, 2023. Revenue from operations grew by 19% to Rs 463.8 crore compared to Rs 389.3 crore in Q3 FY23. EBITDA improved by 18% to Rs 63.7 crore from Rs 54.2 crore, with an EBITDA margin at 13.7%. PAT increased by 34% to Rs 34.4 crore from Rs 25.7 crore. EPS (diluted) stood at Rs 6.2, up from Rs 4.7.
The performance for 9M FY24 was also impressive. Revenue from operations reached Rs 1,357.8 crore, up 9% from Rs 1,249.4 crore in 9M FY24. EBITDA increased by 10% to Rs 185 crore, with an EBITDA margin at 13.6%. PAT rose by 23% to Rs 96.6 crore from Rs 78.3 crore. EPS (diluted) stood at Rs 17.5 compared to Rs 14.1.
In a joint statement, Edward Menezes, Promoter & Executive Chairman, and Sunil Chari, Promoter & Managing Director, expressed satisfaction with the results. They highlighted the strong quarter, attributing the success to the healthy growth in the Home, Personal Care & Performance Chemicals (HPPC) division, which saw a 31% improvement. Despite challenges in Textile Specialty Chemicals (TSC) and Animal Health and Nutrition (AHN) divisions, the overall outlook remains optimistic.
The company plans to focus on expanding across all business divisions, particularly in specialty surfactants, phenoxy series, institutional cleaning and performance chemicals. Rossari Biotech aims to tap into global markets, explore new geographies and increase its wallet share with existing partners.
Emphasizing the importance of Research & Development (R&D), Rossari Biotech sees it as a key element in its growth and innovation strategy. The company’s R&D capabilities are instrumental in meeting market needs and positioning itself as a sought-after partner for bespoke solutions. With a strong R&D framework, financial foundation, expanding capacities and a diverse product portfolio, Rossari Biotech anticipates substantial growth in both domestic and international markets.
The company announced an expansion of its facility at Dahej to venture into products related to HPPC and produce ingredients for subsidiary companies.
The expansion of the ethoxylation capacity at the Dahej facility of Unitop Chemicals Pvt Ltd was also announced to cater to growing demands in agro chemicals, home and personal care, oil & gas and the pharma sector.
Both projects are progressing on schedule, with commissioning expected in a phased manner by Q3 FY25.
