Aether Industries Q4FY23 PAT up by 44% at Rs 37.6 Cr

Aether Industries Q4FY23 PAT up by 44% at Rs 37.6 Cr

The company's exports accounted for 69%, which include exports to SEZ and EOU units in India and domestic sales accounted for 31% of total sales turnover for FY 23

  • By ICN Bureau | May 06, 2023

Aether Industries Limited has achieved good growth in revenue and margins in Q4-FY23 compared to previous quarter of FY23 and Q4 FY22.

The first two quarters in FY23 were slow and low for the entire pharmaceutical industry, which also impacted Aether Industries. However, Aether was confident to show good growth from the 3rd Quarter of FY23, due to the increase that it anticipated in CRAMS and Contract / Exclusive Manufacturing business models. The Company had also anticipated growth in Large Scale Manufacturing business model, from Q4 of FY23 by commercialisation of the Site 3.

The company, has been able to show the growth in the revenues and margins in the 3rd Quarter and 4th Quarter of FY23 due to the growth in all the three business models.

The company’s CRAMS (Contract Research and Manufacturing Services) and Contract/ Exclusive Manufacturing business models continue to grow, as has been the trend in the past three quarters as well and the third business model, Large Scale Manufacturing, has shown improvement in Q4-FY23 and is projected to grow in future as well due to demand coming back from the global Pharmaceutical Industry.

Further, with the launch of 5 new molecules in this business model in Aether’s newly commissioned green-field manufacturing site (Site - 3) in Q-4 of this fiscal year, the growth of Large Scale Business Model seems to be certain for Aether Industries.

 Aether has recorded a total revenue of Rs. 184.4 crore in Q4 of FY23 which has grown by 10 per cent compared to Rs. 170.5 crore in Q3 of FY23 and grown by 25 per cent   YoY (compared to Q4 of FY22). The company has seen growth in all the business segment in this Q4 of FY23.

The company earned an EBITDA of Rs. 60.2 crore in Q4 of FY23, which has increased by 19 per cent (compared to Q3 of FY23) and increased by 42 per cent (compared to Q4 of FY22).

PAT of Rs. 37.6 crore for the company in Q4 of FY23 has grown by 44 per cent (compared to Q4 of FY22, which was Rs. 26 crore) and by 7 per cent (compared to Q3 of FY23, which was Rs. 35 crore).

Commenting on the results, Dr. Aman Desai, Promoter & Whole-time Director, Aether Industries, said, “After a slow start in the first two quarters of FY23, Aether really picked up the pace in Q3 and Q4 of FY23 and has executed what it had promised by achieving good growth in Q4, which has been contributed by all our 3 business models. As we see demand improvement in the global chemical industry, we are significantly optimistic in our overall outlook. We have also recently made two major public announcements relating to Otsuka, Japan for the two products to be supplied to these Japanese company on exclusive basis and Aramco, Saudi Arabia for the Converge polyols technology, which reflect our continuous growth. We remain upbeat and positive on all our business models for future outlook. As in last two quarters, we continue to see a significant upwards trend in inquiries, customer additions, contract renewals, and business being translated into revenues especially in the business models of CRAMS and Contract / Exclusive Manufacturing.”

The top line of the company comprises of 52 per cent Large Scale Manufacturing, 13 per cent CRAMS, and 34 per cent Contract / Exclusive Manufacturing business models, showing an increasing trend in revenues from the CRAMS and Contract / Exclusive Manufacturing business models.

Aether Industries’ sales mix for the twelve months from April 2022 to March 2023 comprises of Pharma 42 per cent, Agrochemicals 35 per cent, Multiple Applications 8 per cent, High Performance Photography 6 per cent, Material Science 5 per cent, Coatings 3 per cent and Others including Oil & Gas as 1 per cent.

The company's exports accounted for 69%, which include exports to SEZ and EOU units in India and domestic sales accounted for 31% of total sales turnover. Exports outside the geography of India accounted for 41% of the total revenue from operations for the twelve months from April 2022 to March 2023.

Major highlights for the Company during Q4 of FY23 and FY23 have been:

• The Company has started doing business in 4 new countries in this FY23.

• Business with thirteen new customers commenced, during the Q4 of FY23, across all business models.

• More than 80 Aetherians joined in Q4 of FY23, across all departments.

• Successfully concluded eight customer audits and certification audits in Q4 of FY23.

• Brick laying ceremony for the inauguration of Site 5 (at Panoli GIDC, Bharuch, Gujarat) along with Blood Donation Camp, where 706 units of blood was collected

• Commercial Production started in January 2023 at Manufacturing Site 3, where three out of the five proposed products, have been launched successfully. The other two products have also been launched in May 2023.

The Company also made below mentioned three major announcements during Quarter 4 of FY23:


The site is adjacent to the recently commercialized Greenfield Manufacturing Site - 3 and Site-3+, which was acquired in Q3 of FY23. The said site will be termed as Manufacturing Site – 3++, as the company will merge the same with Manufacturing Site – 3 and Site-3+ for various regulatory approvals.

The company will manufacture 2 (two) new products (specialty chemicals and intermediates), at this Manufacturing Site – 3++. These two products are developed in Company’s in-house R&D Centre. These products will be manufactured for the first time in India, like most of our products.


Aether Industries executed a long-term sales and supply agreement for initially 10 years with Otsuka Chemicals Co., Ltd., Japan, thereby adding more business for two of its market leading products.


Aether Industries has executed a letter of intent with Saudi Aramco Technologies Company, Saudi Arabia.

The Letter of Intent captures the preliminary terms of a detailed licensing agreement towards the manufacturing and commercialization at Aether of the ConvergeÒ polyols technology and product series, the manufacturing process for which has been previously jointly developed and validated at pre-commercial scale by Aramco and Aether.

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