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Himadri Speciality Chemical announced Q3FY24 results:
Financial Highlights:
- Sales Volume: The company reported its highest-ever sales volume, with 1,24,024 MT in Q3FY24 compared to 98,107 MT in Q3FY23, up 26% YoY.
- EBITDA: Significant growth was seen in EBITDA, which surged to Rs 169 crore in Q3FY24 from Rs 106 crore in Q3FY23, up 59% YoY.
- Revenue: Himadri achieved a revenue of Rs 1,053 crore in Q3FY24, in comparison to Rs 1,037 crore in Q3FY23, up 1% YoY.
- Profit After Tax (PAT): PAT showed a robust jump of 71% YoY, reaching Rs 108 crore in Q3FY24 from Rs 63 crore in Q3FY23.
Achievements and Recognition:
- EcoVadis Silver Medal: Himadri was awarded the EcoVadis Silver medal, ranking them in the top 23% of the highest-rated companies in the world.
Strategic Developments:
- LFP Cathode Active Material Plant: Announced the construction of a 40,000 MTPA LFP Cathode Active Material plant with an operational timeline of 27-36 months and a future vision to scale the capacity to 200,000 MTPA in the next 5-6 years.
- Acquisition of Birla Tyres: Himadri's strategic acquisition aimed at forward integration, focusing on delivering high-margin niche products through the Birla Tyres brand.
Commenting on the results and performance, Anurag Choudhary, CMD & CEO of Himadri Speciality Chemical, said, "I am extremely happy to share with you all that we have once again delivered a quarter of strong and sustainable performance.
Our core business is delivering strong cashflows quarter after quarter backed by our rich legacy, strong customer relationships, quality-led production and continuous innovation. Our profit improvements are the result of in-house technology leading to cost optimization while delivering competitive cost and superior value proposition to our customers. With our product innovation, we are consistently making a shift towards higher value-added products.
We are working on a dual strategy of Growth and Sustainability. I am pleased to inform you all that Himadri Speciality Chemical Ltd has recently been awarded with EcoVadis Silver medal. This recognition ranks Himadri in the top 23% of the highest-rated companies in the world amongst more than 100,000 rated companies.
We announced a capex of building the first commercial plant of 40,000 MTPA of LFP Cathode Active Material in December 2023 which will be operational in the next 27-36 months. We are the Pioneers in Innovation and Sustainable Growth in the Cathode Material Landscape and have a vision to scale up the capacity to produce 200,000 MTPA in phases in the next 5-6 years.
This has been possible because of the relentless efforts of our in-house R&D team which is continuously working on developing next-generation products in both Cathode Active Material and Anode Active Material. Simultaneously, we are also progressing well in our supply chain relationships, capabilities to manufacture at scale and customer relationships.
Another growth driver in the coming years is the turnaround of our joint acquisition of Birla Tyres Limited. The acquisition was a part of the forward integration strategy for Himadri where we will move towards the end customers by leveraging the strong brand of Birla Tyres. We target to offer high-margin niche products which will generate higher returns to the stakeholders.
We are excited about the growth drivers that we have for Himadri for the next few years. We are committed to building a sustainable business with a robust product pipeline, a strong clientele, and cutting-edge technologies. Our focus on serving diversified end markets, achieving product leadership, and making continuous financial progress will further drive our growth and success."
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