Ester Industries Limited, India’s leading manufacturer of Polyester Films and Specialty Polymers, has announced Q3 FY23 revenue of Rs. 196.66 crore, down 31.8 YoY. 

 

Commenting on the performance, Arvind Singhania, Chairman, Ester Industries said, "Our performance during the quarter under review has been subdued. Specialty Polymer business during the quarter under review has faced some headwinds from recessionary concerns prevailing across its core end user market. While Q3 performance was expectedly benign, we remain confident in the business' capability to recover and regain its momentum as the global macros stabilize. Off-take for both legacy and newly established products should pick up over the next couple of quarters and help us revert to the growth momentum enjoyed by the business in the recent past."

 

"Film business performance during the quarter under review was significantly impacted on account of loss of production/sales from Film Plant #3 due to a breakdown and also on account of margin compression on account of enhanced competition post commissioning of few new production lines. As has been stated earlier, operations and financial performance are expected to remain under pressure during the next couple of quarters," commented Singhania. 

 

"We are pleased to report that Ester Filmtech Limited, a wholly owned subsidiary of Ester Industries limited recently started commercial operations at its new Film Plant in Telangana. We expect the same to start contributing to the company’s performance & growth in the coming years," said Singhania. 

 

"Despite the challenging environment, we believe we are well placed to create value for our shareholders in the coming years. Mitigation strategy is already under implementation. While outlook over the next couple of quarters is expected to remain challenging for Film business, we remain confident about the company's ability to tide over any hurdle and continue on its journey towards achieving our stated objectives. Our ability to sustain uninterrupted operations and service debt as per schedule remains unaffected as we have sufficient liquidity/cash reserves,” added Singhania. 

 

Ester Industries Limited is one of India’s leading producers of Polyester Chips, Polyester Films, and Specialty Polymers having a track record of continually developing new and innovative products for customers across the globe. Ester Industries has state of the art manufacturing facilities in Khatima & Sitarganj (Uttarakhand) and Hyderabad (Telangana) with the capacity of 67,000 TPA of Polyester Resin; 108,000 TPA of Polyester Film; 23,200 TPA of Metallized Polyester Film; and 30,000 TPA of Specialty Polymers. 

 

The company currently exports about 30% of its production of Polyester Films with a sales and distribution network in more than 50 countries across the world resulting in strong customer relationships. Specialty Polymers are manufactured primarily for the US and other overseas markets.