Epigral Ltd. (formerly known as Meghmani Finechem Ltd), reported consolidated financial results for the period ended December 31, 2023.

Epigral has posted net profit of Rs. 49.08 crores for the period ended December 31, 2023 as against net profit of Rs. 37.99 crores for the period ended September 30, 2023. The company posted net profit of Rs.77.19 crores for the period ended December 31, 2022.

Epigral has reported total income of Rs. 473.98 crores during the period ended December 31, 2023 as compared to Rs. 479.15 crores during the period ended September 30, 2023. The company reported total income of Rs.537.58 crores during the period ended December 31, 2022.

For the 9 months period ended December 31, 2023, Epigral has reported total income of Rs.1409.55 crores as compared to Rs.1629.66 crores during the 9 months period ended December 31, 2022.

The company has posted net profit of Rs.118.58 crores for the 9 months period ended December 31, 2023 as against net profit of Rs.276.55 crores for the 9 months period ended December 31, 2022.

Commenting on the results, Maulik Patel, Chairman and Managing Director, Epigral said: “We witnessed sales volume growth of 18% on YoY, this growth is coming from Epichlorohydrin and CPVC Resin. Increase in revenue from these new products and improvement in spreads led us to PAT growth of 29% QoQ, despite flattish revenue. Demand in the chemical industry has remained weak and we expect a pick-up in demand in the forthcoming quarters. On account of our various expansion projects and specialized products catering to diversified industries has helped us to deliver better performance compared to industry as a whole.

“We are moving in line with our focus on diversifying our business model by increasing revenue contribution from Derivative & Specialty segment. Nine months of FY24, revenue contribution from Derivatives & Specialty segment increased to 42% vs 27% in nine months of FY23. This contribution will further enhance as all future expansion projects are towards Derivatives & Specialty segment.

“Our capex for new projects are on schedule and will get commission on committed timelines. These projects that will get commission in FY2024 and few projects commissioned in FY2023 will drive volume growth for FY2025 and FY2026.

“We are focused to enter into import substitute products, diversifying our customer base and create value for our stakeholders.”

Capex / Expansions

* Epigral announced to enter into CPVC Compound with a capacity of 35,000 TPA. This expansion is expected to get commission in Q4FY24

* Epigral commissioned 18.34 MW Wind Solar Hybrid Power Plant in Q1FY24

* Epigral inaugurated its first R&D Centre in Ahmedabad in November 2023

* Expansion of CPVC Resin capacity of 45,000 TPA and Chlorotoluenes Value Chain is on schedule and expected to get commission by Q4FY24

* Epigral spent Rs. 323 Cr on capex for 9MFY24

* Meghmani Finechem Limited has been rebranded to Epigral Limited. This renaming is undertaken to strengthen the corporate brand in line with the company’s commitment to transform the company as a global multi-product chemical conglomerate and enhance our reputation as an integral partner for esteemed clients and our stakeholders.