Anupam Rasayan India Ltd.'s first-quarter profit rose, beating analysts' estimates.
The company's net profit rose 24.6% year-on-year to Rs 52.2 crore in the quarter ended June, according to an exchange filing on Tuesday. This compares with a Bloomberg estimate of Rs 48.05 crore.
Anupam Rasayan India Q1 FY24 Highlights (Consolidated, YoY)
Revenues up 12.4% at Rs 386.3 crore. (Bloomberg estimate: Rs 408.08 crore)
Ebitda up 2.8% at Rs 101.3 crore. (Bloomberg estimate: Rs 102.92 crore)
Margins at 26.2% vs 28.7% (Bloomberg estimate: 25.22%).
Net profit up 24.6% at Rs 52.2 crore. (Bloomberg estimate: Rs 48.05 crore).
"I am delighted at the consistent growth momentum of the company against a challenging industry backdrop. Our consolidated revenue witnessed robust 19% year-on-year growth at Rs 398.8 crore. While the falling prices of commodity agrochemicals are putting pressure on margins for the industry, our customised products and robust business model helped us deliver strong Ebitda margins in Q1 FY24," said Managing Director Anand Desai.
During the quarter, Anupam Rasayan signed an MoU with 3xper Innoventure Ltd. for the supply of targeted and identified new-age pharma molecules using a continuous process. The company has also signed letters of intent worth Rs 4,066 crore with Japanese and American MNCs for niche life sciences and specialty chemical molecules. These LOIs reinforce the growing confidence of global MNCs in our technical capabilities and think of us as the trusted partner of choice for high-end customised molecules. These LOIs improves our revenue visibility in the coming years, he said
The company incurred capex of Rs 124 crore till Q1 FY24 out of the Rs 670 crore announced, with the majority of the capex to be incurred as per plan in FY24.
The company has signed letters Of intent and contracts worth Rs 7,669 crore in the last two years, providing strong visibility of revenue for the coming years.
Anupam is expanding into fluorination chemistry, wherein the company will source fluorinating agents potassium fluoride and Hydrogen fluoride from Tanfac (which it acquired in March with a 25.80% stake) and manufacture value-added products at Anupam.
For most of this products, Anupam will be single supplier out of Asia on exclusive basis to originators
Shares of Anupam Rasayan rose 0.01% to Rs 975 apiece as of 9:46 a.m., compared with a rise of 0.12% in the benchmark NSE Nifty 50.
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