Himadri Speciality Chemical Limited has posted net profit of Rs. 76.26 crores for the quarter ended March 31, 2023 as against net loss of Rs. 7.31 crores for the period ended March 31, 2022.

The company has reported total income of Rs. 1039.45 crores during the quarter ended March 31, 2023 as compared to Rs.835.68 crores during the quarter ended March 31, 2022.

For the Financial Year ended 2023, Himadri Speciality Chemical has reported total income of Rs.4199.81 crores as compared to Rs.2798.54 crores during the Financial Year ended March 31, 2022.

The company has posted net profit of Rs.215.98 crores for the Financial Year ended March 31, 2023 as against net profit of Rs.40.94 crores for the Financial Year ended March 31, 2022.

Commenting on the results and performance, Anurag Choudhary, CMD, Himadri Speciality Chemical Ltd said: “We are pleased to report robust performance with highest ever revenue in FY23. Our strong focus on core businesses and our ongoing commitment to providing value-added products, coupled with our investment in R&D, innovation, and improvements to our business model, have consistently led us to achieve sustainable results and grow our profitability.

“India's push for a green economy is driving significant growth in the electric vehicle (EV) industry. To reduce dependence on imports, the government is emphasizing the need for localized battery production, as currently, substantial part of lithium-ion cell requirements are being imported.

“At Himadri, we are delighted to remain at the forefront of a massive transition towards a green economy, aligned with India’s vision of becoming a self-reliant nation (Atmanirbhar Bharat) and reducing carbon emission.

“Over the years, Himadri has created a strong product portfolio, improved facilities for advanced R&D and relied on world-class know-how to build a futuristic organisation. Our deep domain knowledge, coupled with an innate ability to imbibe change and foster novel approaches has kept us a step ahead of the competition.

“Along with this, our core business is performing well, and we remain committed to improving our financial position. We continue to make progress and have significantly deleveraged our balance sheet by reducing debt substantially.

We are confident that with our strong business model and strategic focus, we will continue to achieve sustainable growth in the future.”