Clean Science and Technology Ltd.'s profit declined in the first quarter of fiscal 2024, missing analysts' estimates.
The company's net profit fell 6.35% year-on-year to Rs 58.9 crore, according to an exchange filing on Thursday. This compares with a Bloomberg estimate of Rs 70.6 crore.
Clean Science and Technology Q1 FY24 Highlights (Consolidated, YoY)Revenue down 19.61% at Rs 188.1 crore (Bloomberg estimate: Rs 196.08 crore).
Ebitda declines 16.61% to Rs 76.05 crore (Bloomberg estimate: Rs 91.5 crore).
Margin at 40.43% versus 38.97%.
Net profit down 6.35% at Rs 58.9 crore (Bloomberg estimate: Rs 70.6 crore).
Ebitda margin were higher by 200 basis points on a YoY basis, despite a 20% drop in revenue, led by a better product mix, benign input prices, and a prudent operating cost structure.
The domestic market was relatively less affected than the export market.
The performance chemicals segment and pharma and agro intermediates had decreased realisation and volume, with volume impact being greater than realisation. FMCG chemicals volume reported better performance while realisation corrected and overall revenue growth was registered.
Shares of the company fell 1.53% to Rs 1,286.5 apiece, as compared with a fall of 1.05% in the benchmark NSE Nifty 50 as of 2:43 p.m.
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