Himadri Speciality Chemical has reported Consolidated financial results for the period ended March 31, 2024.

Himadri Speciality Chemical has posted net profit of Rs. 115.16 crores for the period ended March 31, 2024 as against net profit of Rs. 108.82 crores for the period ended December 31, 2023. The company posted net profit of Rs.76.26 crores for the period ended March 31, 2023.

Himadri Speciality Chemical has reported total income of Rs. 1,189.34 crores during the period ended March 31, 2024 as compared to Rs. 1,062.70 crores during the period ended December 31, 2023. The company reported total income of Rs. 1,039.45 crores during the period ended March 31, 2023.

For the Financial Year ended March 31, 2024, Himadri Speciality Chemical has reported total income of Rs. 4,227.41 crores as compared to Rs. 4,199.81 crores during the Financial Year ended March 31, 2023.

The company has posted net profit of Rs.410.77 crores for the Financial Year ended March 31, 2024 as against net profit of Rs.215.98 crores for the Financial Year ended March 31, 2023.

Commenting on the results and performance, Anurag Choudhary, CMD & CEO, Himadri Speciality Chemical Ltd said: “We are delighted to announce that the Company has become debt-free with positive net cash balance as a result of our relentless focus on disciplined capital deployment and working capital utilization. We also take pride in announcing that the Company has achieved highest ever Sales, EBITDA, and PAT. This performance is a direct result of our strategic initiatives and our team's tireless efforts to drive innovation and excellence in everything we do.

"We are in for very exciting times with strong growth coming from our existing businesses as well as significant progress being made on new businesses. Our volumes have increased consistently with all round growth in products and launch of new product line of speciality products. Our vision to focus on speciality and high value added products over years has led to consistent and sustainable increase in profitability. Coupled with our initiatives on operational efficiency, yield improvements and competitive value proposition to customers, we have laid down a strong foundation for sustainable performance. To support the growth and increasing market demand, we are announcing a brownfield expansion of a new speciality carbon black line of 70,000 MTPA (increasing the total speciality carbon black capacity to 130,000 MTPA making it world’s largest speciality carbon black capacity at single site) at an estimated capex of Rs 220 crores which is scheduled to be operational within 18 months.

"Our research and project execution of battery materials continue as per plan. We have a strong pipeline of innovative products in development with our research team relentlessly pursuing our vision of playing a critical role in LiB value chain. Building on this momentum, we have acquired a 40% stake in Invati Creations Private Limited (Invati).

"Our partnership is built on a shared vision to transform the Lithium-ion battery industry by significantly enhancing its storage efficiency, charging speed, and battery lifespan. Together, we aim to make a substantial impact on meeting the world's growing energy demands. To further accelerate our growth trajectory, the board has approved the allotment of warrants on a preferential basis to promoters and other non promoter investors (including employees), which will primarily be utilized as growth capital for our new greenfield projects, including the Cathode Active Material manufacturing capex, the turnaround of Birla Tyres, and other brownfield expansions. This investment will enable us to drive innovation, enhance our product offerings, and strengthen our position in the market.

"Sustainability remains the cornerstone of our business and our operations. Over the past year, our dedicated efforts have propelled us forward, allowing us to make significant progress in every facet of sustainability. We are happy to share that we have joined the United Nations Global Compact (UNGC) as a direct signatory. This demonstrates our alignment with global sustainability principles and our commitment to upholding ethical business practices on a globalscale. We are pleased to announce that the board has recommended a dividend of 50% to the shareholders of the Company. We are confident that these developments will propel us towards a sustainable and profitable future, and we look forward to continuing to deliver value to our stakeholders."