Praj Industries, India’s most accomplished industrial biotechnology company has posted an improved business performance in second quarter by returning to profit as against the previous quarter.

 

The Q2 FY21 income from operations stood at Rs. 260.24 crore in comparison to Q2 FY20 income of Rs. 294.14 crore. PBT is at Rs. 15.67 crore for the period vis-a-vis Q2 FY20 at Rs. 17.19 crore. PAT is at Rs. 11.39 crore in comparison to Q2 FY20 of Rs. 16.13 crore. 

 

The consolidated order backlog as on September 30, 2020 stood at Rs. 1,408 crore which comprises of 78% domestic orders and 22% international orders. 

 

In Q1, the company had reported loss of Rs 10.50 crore whereby its sales declined 38.78% to Rs. 129.55 crore due to slowdown caused by COVID-19 pandemic.

 

Commenting on the company’s performance for Q2 & H1 FY 2021, Shishir Joshipura, CEO & MD, Praj Industries said, “The business landscape is witnessing improved traction across several sectors specially Bio Energy and Pharma segments. There are structural shifts underway in these markets and we are optimistic that the pace of progress will continue to build positively as we move forward. Recently announced upward revision in ethanol prices, push for renewable gas, strong focus on effluent discharge are expected to build momentum in near future. Our comprehensive basket of solutions and the ability to customise offerings to suit a variety of objectives is resonating strongly with domestic and global customers alike. We are cautiously excited about building a healthy and sustainable growth ahead.”

 

The company also announced the commissioning of its integrated CBG demo plant (Compressed Bio-gas) and plans to inaugurate the plant on November 6, 2020. 

 

CBG is a complementary renewable transportation fuel to Compressed Natural Gas (CNG) and Praj's CBG technology is a major step in that direction. 

 

The company is on track with the execution of three bio-refinery projects based on proprietary 2G technology. Following the introduction of 2G ethanol bio-fuel, the company had introduced CBG- gaseous renewable fuel technology to the Bio-Energy basket. These two technologies complement each other and will play a key role in India's pursuit of energy self-reliance while reducing carbon footprints significantly.