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Specialty chemicals company Rossari Biotech announced Q1FY24 results:
- Consolidated Q1FY24:
- Revenue from operations stood at Rs 410.6 crore as against Rs 434.7 crore
- EBITDA at Rs 57.7 crore as against Rs 57.8 crore
- EBITDA margin at 14.1% as against 13.3%
- PAT stood at Rs 29.3 crore as against Rs 28.7 crore
- EPS (Diluted) stood at Rs 5.28 as against Rs 5.18
- Standalone Q1FY24:
- Revenue from operations stood at Rs 258.3 crore as against Rs 233.7 crore
- EBITDA at Rs 35.1 crore as against Rs 27.1 crore
- EBITDA margin at 13.6 % as against 11.6%
- PAT stood at Rs 21.6 crore as against Rs 15.4 crore
- EPS (Diluted) stood at Rs 3.90 as against Rs 2.78
Commenting on the performance, in a joint statement, Edward Menezes, Promoter & Executive Chairman, and Sunil Chari, Promoter & Managing Director, said, “We have recorded a steady performance during the quarter, demonstrating the resilience and adaptability of our business model amidst a challenging global economic landscape. Our commitment to sustainable and innovative solutions has kept us in a stable position despite the current subdued demand scenario witnessed in the chemical markets.
As a part of its digitisation initiatives, the Company during the quarter went live on SAP S/4 HANA across the Group. For this transformation to a new ERP, the Company had taken about a week’s planned shutdown in April and then about another week for system stabilisation. We are happy to inform you that the entire process happened seamlessly and the system is running smoothly. This planned migration resulted in lower sales in April 2023.
We are delighted to share that during the quarter, we acquired the remaining 16% stake in our subsidiary Tristar Intermediates Private Limited and we are nearing the completion of the acquisition of the remaining stake in Unitop, leading to 100% ownership. Following these strategic moves, our intent to seamlessly integrate both Unitop and Tristar into our operations will drive growth, and enhance overall competitiveness.
R&D continues to be a cornerstone of our growth strategy and will play a pivotal role in the Company’s future roadmap. Our confidence in customised products as a differentiator is backed by our track record in developing unique and innovative solutions for our customers As the market landscape continues to evolve, we see our emphasis on R&D and customised solutions as an important pillar in maintaining consistent growth in a volatile environment.
Despite the macroeconomic challenges, we remain optimistic about the remainder of the year. We firmly believe that our strategic initiatives focused on broadening our customer base, prioritizing higher margin segments, along with our commitment to R&D, particularly in developing new and innovative products, position us favourably for delivering healthy operational and financial performance in the coming years."
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