Himadri Speciality Chemical Q3 Profit Soars 67% to Rs 108.78 cr
Jan 16, 2024 18:34
Himadri Speciality Chemical Ltd (HSCL) reported a 67% surge in Q3 net profit to Rs 108.78 crore, driven by strong customer relationships and cost optimization. The company is expanding its LFP cathode active material production capacity.
New Delhi, Jan 16 (PTI) Himadri Speciality Chemical Ltd (HSCL) on Tuesday posted a 67 per cent rise in consolidated net profit at Rs 108.78 crore during the quarter ended December 31.
It had clocked Rs 65.21 crore net profit during the October-December period of the preceding 2022-23 fiscal, the company said in an exchange filing.
The company's total income in the quarter rose to Rs 1,062.70 crore, over Rs 1,045.06 crore a year ago.
HSCL trimmed its expenses to Rs 912.55 crore from Rs 965.59 crore.
Kolkata-based Himadri Speciality Chemical Ltd is into manufacturing and supply of green energy, anode material for li-ion batteries, special types of oils and other materials for industrial usage.
"Our core business is delivering strong cash flows quarter after quarter backed by strong customer relationships, quality-led production and continuous innovation," said Anurag Choudhary, CMD and CEO of Himadri Speciality Chemical Ltd.
The improvement in profit is the result of in-house technology which leads to cost optimization while delivering competitive cost, he said.
"Our first commercial plant of LFP cathode active material will be operational in the next 27-36 months. We... have a vision to scale up the capacity to produce 200,000 MTPA (metric tonne per annum) in phases in the next 5-6 years," PTI ABI
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