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Business News/ Markets / Stock Markets/  Speciality chemical stock records threefold jump in Q4 net profit, Board declares dividend
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Speciality chemical stock records threefold jump in Q4 net profit, Board declares dividend

Himadri Speciality Chemical is a small cap company that recorded a market cap of ₹4,475.92 Cr during Friday's closing.

On Friday, the shares of Himadri Speciality Chemical closed on the BSE at ₹103.44 apiece level, up by 2.07% from the previous close of ₹101.34.Premium
On Friday, the shares of Himadri Speciality Chemical closed on the BSE at 103.44 apiece level, up by 2.07% from the previous close of 101.34.

Himadri Speciality Chemical is a small cap company that recorded a market cap of 4,475.92 Cr during Friday's closing. The stock ended on a green note up by 2.07% during its last trading session after the company declares impressive Q4 earnings along with dividend for its eligible shareholders.

“The Board has recommended to the shareholders a final dividend of Re. 0.25 per equity share of Re 1 each (i.e. 25% of face value of equity share) for the Financial Year 2022-23," said Himadri Speciality Chemical in a stock exchange filing.

During Q4FY23, the company recorded a revenue from operations of 1,029 Cr, up by 23.4% YoY from 834 Cr in Q4FY22 whereas its revenues grew by 49% to Rs. 4,172 Crs in FY23. The company recorded an EBITDA of 122 Cr during the quarter ended March 2023, up by 122.5% from 55 Cr during the quarter ended March 2022 whereas its EBITDA grew by 153% to Rs. 408 Crs in FY23. During Q4FY23, the company’s PAT stood at 77 Cr, up by 261.7% YoY from 21 Cr during the year-ago quarter whereas PAT grew by 219% to Rs. 208 Crs in FY23.

Commenting on the results and performance, Mr. Anurag Choudhary, CMD of Himadri Speciality Chemical Ltd said “We are pleased to report robust performance with highest ever revenue in FY23. Our strong focus on core businesses and our ongoing commitment to providing value-added products, coupled with our investment in R&D, innovation, and improvements to our business model, have consistently led us to achieve sustainable results and grow our profitability."

“India's push for green economy is driving significant growth in the electric vehicle (EV) industry. To reduce dependence on imports, the government is emphasizing the need for localized battery production, as currently, substantial part of lithium-ion cell requirements are being imported. At Himadri, we are delighted to remain at the forefront of massive transition towards a green economy, aligned with India’s vision of becoming a self-reliant nation (Atmanirbhar Bharat) and reducing carbon emission," said Anurag Choudhary.

“Over the years, Himadri has created a strong product portfolio, improved facilities for advanced R&D and relied on world-class know-how to build a futuristic organisation. Our deep domain knowledge, coupled with an innate ability to imbibe change and foster novel approaches has kept us a step ahead of the competition. Along with this, our core business is performing well, and we remain committed to improving our financial position. We continue to make progress and have significantly deleveraged our balance sheet by reducing debt substantially. We are confident that with our strong business model and strategic focus, we will continue to achieve sustainable growth in the future," Anurag Choudhary further added.

On Friday, the shares of Himadri Speciality Chemical closed on the BSE at 103.44 apiece level, up by 2.07% from the previous close of 101.34.

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ABOUT THE AUTHOR
Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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Published: 29 Apr 2023, 10:31 PM IST
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