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Specialty Chemicals company Rossari Biotech announced Q3FY24 & 9MFY24 results:
Q3FY24 Highlights
- Revenue: Rs 463.8 crore, a 19% YoY increase.
- EBITDA: Rs 63.7 crore, up 18% YoY with an EBITDA margin of 13.7%.
- PAT: Rs 34.4 crore, showing a substantial increase of 34% YoY.
- EPS (Diluted): Rs 6.2 per share.
9MFY24 Highlights
- Revenue: Rs 1,357.8 crore, representing a 9% increase compared to the previous year.
- EBITDA: Rs 185.0 crore, achieved a 10% growth with an EBITDA margin standing at 13.6%.
- PAT: Rs 96.6 crore, marking a significant 23% growth compared to the same period last year.
- EPS (Diluted): Rs 17.5 per share.
Commenting on the performance, in a joint statement, Edward Menezes, Promoter & Executive Chairman, and Sunil Chari, Promoter & Managing Director, said, "We are pleased to report yet another strong quarter, with revenues and profits showing a significant YoY increase of 19% and 34%, respectively. This performance is primarily attributed to the healthy growth witnessed in our Home, Personal Care & Performance Chemicals (HPPC) division. The division achieved a robust improvement of 31%, underpinning the efforts put in by our team to drive growth in a challenging operating environment. Despite a subdued performance from the Textile Specialty Chemicals (TSC) due to the industry headwinds and Animal Health and Nutrition (AHN) due to seasonal softness, we are optimistic about recovery in these divisions in the coming quarters.
This quarter, while revenues were marginally lower QoQ, we were able to surpass our last quarter's PAT, setting a new record. On a nine-month basis also, our revenues have grown by 9% while PAT growth has been at a high of 23% Vs previous year.
Our growth strategy remains focused on expanding across all business divisions. Having historically seeded new verticals within our core chemistries, our aim in the coming years is to significantly scale up these ventures. We are particularly focused on areas like specialty surfactants, phenoxy series, institutional cleaning, performance chemicals, etc. Our plan remains to tap into global markets with our existing and new products, spread into newer geographies, and increase our wallet share with existing partners.
The emphasis on R&D remains a pivotal aspect of the Company's growth and innovation strategy. Rossari's position as a premier solutions provider is fortified by its R&D capabilities, which enable us to meet evolving market needs and solidify our role as a sought-after partner for bespoke solutions in the specialty chemicals sector. We are dedicated to leveraging our R&D expertise to drive future growth, create value, and strengthen our reputation as a leading provider of intelligent and sustainable solutions across various industries.
In the face of global challenges in the chemical industry, India is set to emerge as a major hub for chemical manufacturing. With our robust R&D framework, strong financial foundation, expanding manufacturing capacities, and diverse product portfolio, we see significant growth opportunities in both domestic and international markets for all our business verticals. Over the next few years, we are confident that this strategic positioning will lead to strong YoY growth, enabling us to create substantial value for all our stakeholders."
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