Meghmani Finechem Ltd (MFL) has posted a highest ever revenue of Rs 533 crore, reflecting a growth of 84%, during the first quarter of 1FY20203. The jump in revenue is driven by by improved realizations and higher sales volume of 5%.

The company registered threefold increase in PAT at Rs 108 crore and PAT margin stood 20% compared to 13% in Q1FY22. The company has delivered a strong operating and financial performance in line with its commitment of growth.

During the quarter, overall plant utilisation increased to 94% in Q1FY23 compared to 87% in Q1FY22. Capacity utilization for Chlor-Alkai stood at 94%, CMS stood at 105% and H2O2 stood at 94% (Highest ever). Caustic Soda & Caustic Potash ECU realisation was up 104% & 130% respectively and CMS sales realization was up by 23% and H2O2 sales realisation was down by 7%, the company said in a statement.

During the quarter,Epichlorohydrin got commissioned on 1st June 2022 and CPVC got commissioned on 18th July 2022. Both projects were completed within committed timelines and within capex limit.    Expansion project of Caustic Soda is moving as per schedule and should get commission in Q2FY23. Moreover, MFL entered into JV to set up 18.34 MW Wind-Solar hybrid power plant. It is expected to get commissioned by Q3FY23 and the power generated will be used for existing as well as future projects

Maulik Patel; Chairman and Managing Director, MFL said: “I am pleased with our performance in Q1FY23. We have delivered record operating and financial performance for the quarter. The growth in the quarter is on account of high realizations and volume growth coming from high efficiency/capacity utilization from all the products.

In this quarter, we have commissioned India’s first Epichlorohydrin (ECH) plant based on the glycerol process and also we have entered into a JV to set up an 18.34 MW Wind-Solar hybrid power plant for internal consumption. Recently in July, we have also commissioned India’s largest CPVC resin plant. Once these new projects stabilize and reach optimum capacity utilization it will start contributing in a sizeable way both to the top line and bottom line. We expect that to happen Q3FY23 onwards.

With all this we are moving in line with our commitments, long term goals and with focus on the environment and sustainability.”